President ratifies Electronic Transections bill

President Ibrahim Mohamed Solih ratifies Maldives Energy Act (Law no: 18/2021) on October 11, 2021. (Photo/President's Office)

President Ibrahim Mohamed Solih on Wednesday ratified the Electronic Transactions Bill (Law No: 2/2022).

The bill was passed by the Parliament during its 29th sitting of the first session, held on Monday, April 11, 2022.

The Electronic Transactions Act establishes a mechanism to ensure the validity of electronic transactions and promotes the usage of trust services in electronic commerce.

Moreover, it outlines the policies that govern the use of electronic transactions and trust services.

The legislation aims to ensure the validity of electronic transactions made locally and abroad. This is including electronic signatures and trust services, facilitating electronic transactions, and removing legal obstacles to the conduct of electronic transactions.

Furthermore, it promotes electronic communication through trust services and seeks to establish public confidence in such transactions.

Following ratification, the law has been published in the Government Gazette and comes into effect today. The regulations mandated under the law must be published within ten months of the Act coming into force.