Law on Electronic Transactions

With the rapid growth of the digital economy, electronic transactions are becoming increasingly common and important. This has created the need for a sound legal framework to safeguard the legal rights and interests of parties engaging in electronic transactions. Accordingly, the Law on Electronic Transactions 2023 was promulgated on 22 June 2023 and took effect on 1 July 2024, introducing many new provisions and significant revisions that not only expand the existing legal framework but also create more favorable and secure conditions for parties participating in electronic transactions. With its emphasis on personal data protection, authentication of electronic signatures, and more detailed regulations on electronic contracts, the new law is expected to bring many positive changes. This article aims to outline the key changes under the Law on Electronic Transactions 2023, together with their impacts and the legal considerations for businesses and individuals.