We, Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates,
Having reviewed:
- The Constitution,
- Federal Law No. 1 of 1972 on Competencies of Ministries and Powers of the Ministers, as amended,
- Federal Decree-Law No. 50 of 2022 Promulgating the Commercial Transactions Law, and
- Based on the proposal submitted by the Minister of Economy and approved by the Cabinet,
Hereby enact the following Decree Law:
For the purpose of applying the provisions of this Decree-Law, the following words and expressions shall bear the meanings assigned thereto respectively, unless the context requires otherwise:
The State: The United Arab Emirates.
The Ministry: The Ministry of Economy.
The Minister: The Minister of Economy.
CBUAE: The Central Bank of the UAE.
The Competent Authority: Federal or local authorities in charge of issuing the approvals, licenses, and permits in accordance with applicable legislation.
Modern Technology-Based Trade: The sale and purchase of goods, services, and relevant data through technological platforms or modern technology, including...