President ratifies the Electronic Transactions Bill

President Ibrahim Mohamed Solih has ratified the Electronic Transactions Bill.

President Solih ratified the Electronic Transactions Bill on Wednesday.

The parliament of Maldives, People's Majlis passed the bill at its 29th sitting of the first session, held on April 11, 2022.

The Electronic Transactions Act establishes a mechanism to ensure the validity of electronic transactions and to promote the use of trust services in electronic commerce. It also outlines the policies that govern the use of electronic transactions and trust services.

The objectives of the legislation include ensuring the validity of electronic transactions made locally and abroad, including electronic signatures and trust services, facilitating electronic transactions, and removing legal obstacles to the conduct of electronic transactions. It also 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 from today.

The regulations mandated under the law must be formulated within ten months of the Act coming into force.