The UAE’s latest law covers all forms of online payment and digital transactions within and outside the country and also provides more protections to the consumers, said David Yates, partner and head of digital and data, Al Tamimi & Company.
“The new law is intended to regulate trade by any digital means available. E-commerce is traditionally based on websites. But digital trade has bloomed into multiple different ways such as buying and selling of goods and services whether on apps or blockchain which don’t fit the traditional e-commerce technology. This law abstracts the fundamental principles of trade and provides a definition of technological means which was not there in e-commerce regulations. It covers any digital means by which we can trade,” Yates told Khaleej Times in an interview on Thursday.
The UAE rolled out Federal Decree-Law No. 14 of 2023 late last year, which covers all the existing digital payments and transactions aspects. The previous law covered only the e-commerce part, but the new law is much wider and provides more protection to consumers in the UAE.
“The law applies to buyers, and sell...