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Monday, November 29, 2021
Khaleej Times - Reforms to pave way for sustainable growth
By Vijay Valecha in 'Century in News'
Bal Krishen, Special to Khaleej Times November 28, 2021
The UAE government on Saturday announced a number of legislative reforms, including legalising digital signatures as part of the Law of Electronic Transactions and Trust Services amendment.
The law gives digital signatures the same weight as a handwritten signature, a step that obliviates the need for a personal presence in order to seal transactions and support the globally-based completion of government transactions such as contracts and agreements using a digital signature.
However, the country where the transaction originates should also have adopted sophisticated authentication mechanisms and trust services similar to the UAE standards.
The Law of Electronic Transactions and Trust Services facilitates a wide range of civil and commercial transactions, including marriage, personal status, notary and real estate services such as renting, buying, selling and amending contracts.
Bal Krishen, chairman and CEO, Century Financial, said any company doing business is always looking forward to operating in an environment with a modern legal structure.
“The new reforms enacted at the federal level adopts the best global practices. Additionally, they also take into account the technological transformation that has taken place in the aftermath of the pandemic. For example, the digital signatures have been legalised,” he said.
Source:
Khalej Times
MENA FN
MSN
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