UAE's new Electronic Transactions & Trust Services Law to create a new stage of comprehensive digital transformation

The Telecommunications and Digital Government Regulatory Authority (TDRA) has confirmed that the Electronic Transactions and Trust Services Law, promulgated by Federal Decree-Law No. 46 of 2021, creates a new stage of comprehensive digital transformation in the UAE.

The new law improves the digital economy and consolidates the UAE’s position, to become one of the leading countries in providing digital services. It will accelerate the achievement of national goals and indicators, such as the Online Services Index (OSI), Ease of Doing Business Index, the Global Entrepreneurship and Development Index, the Global Competitiveness Index, and innovation indices.

Talal Humaid Belhoul, Chairman of TDRA’s Board of Directors, said,

"The issuance of the Electronic Transactions and Trust Services Law comes into effect at an important stage in the history of our country, as we celebrate the golden jubilee of the UAE. In this stage, we start a new chapter towards the UAE Centennial 2071 by enhancing digital transformation that impacts the economy, society, and the whole life in the UAE,"

Majed Sultan Al Mesmar, Director-General of the TDRA, commented,

"The issuance of the decree-law on Electronic Transactions and Trust Services marks a start of a new stage in the process of comprehensive digital transformation in the UAE. This law deals with many details of the daily life of the various segments of society, including individuals and companies. It will have a positive impact on the higher goals of the country, in terms of promoting the digital economy and consolidating the global reputation of the UAE as an investment hub."

The new law improves the procedures of licensing processes based on new services that support digital transactions. It allows many civil and commercial transactions, such as marriage, personal status, and notary public, along with real estate transactions, such as renting, buying, selling, and contract modifications. It will increase the effectiveness of judicial procedures and the settlement of civil and commercial disputes. It will facilitate acceptance, creation, or maintaining files in electronic records. The digital signature will assist in the issuance of permissions, licenses, or approvals, in the form of electronic records, and acceptance of fees or any other payments in electronic form. It will also enable the electronic placement of bids and receiving tenders related to government procurements.

News Source: Emirates News Agency