The better as well as latest set of regulation frameworks for facilitation of a digitalized economy. As per the statement done in the preceding month on the closure, on Sunday, the 28th Feb 2021, by the global financial centre, Abu Dhabi Global Market (ADGM) have presently enacted latest set of governing regulations regarding the electronic transactions.
The latest set of the rules are better implemented for ensurance of Electronic Signature Versions, Contract details, records as well as documents that are legitimately enforceable within the ADGM as with their physical form.
The ADGM further added that: Conventionally, the lawful documents relating to signatures, agreements and records have existed in physical form but it requires to be “reconsidered in today’s ever-changing digital ecosystem particularly when taking into consideration the noteworthy progress of the digital economy as well as the impact of Covid-19.”
The Chief Executive of the ADGM registering authority, Dhaher Al Mheiri, further explained that, “the latest regulations depict ADGM’s Obligation for creating a robust as well as sustainable globalized financial centre that encourages the expansion of their stakeholders within the current digitalized economy.”
Mr Al Mheiri also further stated that: “ADGM is proud to introduce such innovative legislation that will facilitate a strong framework for e-commerce and electronic dealings within the ADGM community, in line with the highest global standards and best practice.”
Earlier during the preceding month, ADGM has also endorsed a new set of protocols to guarantee the secured individual as well as the confidential data.
ADGM is only the third authority in the global to enact lawgiving to permit the utilize of transferable documents and instruments, such as promissory notes and cheques, in electronic form. The latest protocols are built on the UN Commission on International Trade Law’s commandments on E-Commerce.
