The Ministry of Business has launched a consultation on electronic transactions.
The Chamber of Commerce urges businesses and citizens to participate in the consultation on the Electronic Transactions Act 2000.
Electronic transactions are purchases by credit and debit cards as well as wire transfers.
This also includes the legal framework for electronic identification, digital signatures and electronic transactions.
According to the Chamber of Commerce, the impact of the lockdowns, and of the pandemic in general, has “revolutionized electronic transactions in the world”.
This means that major jurisdictions need to ensure that legal frameworks are updated so that effective laws are in place to protect businesses, consumers and residents.
The chamber believes that the island could reap two key benefits from modernizing this legislation – the first being that organizations and residents would benefit as it would help them quickly access the products and services they need.
It could also allow businesses that serve customers around the world to gain new business, expand and help grow the island’s economy.
The consultation will provide an opportunity for businesses and the general public to give their views on how the island can match or improve on legal reforms that have been put in place in other jurisdictions.
Chris Corlett, a member of the House Legislation group, said: “The EU regulation on electronic identification and trust services is a great example of a proven international standard.
“The Isle of Man could pass this legislation at minimal cost and with little risk.
“It would greatly reduce the risks we all face due to the lack of clarity in the island’s electronic transactions law, which has not been amended since 2000.? The law and global technology for electronic transactions have changed dramatically since then. .
“Through legal reform, the Isle of Man has the opportunity to benefit from digital innovation that cuts costs, speeds service delivery and reduces risk.
“This is why it is so important to seize this opportunity. ”
Mr Corlett will host a free webinar hosted by the House today, October 7, 9:30 am-10:30am for those interested in learning more about the issues involved. To register for the webinar, visit the Chamber’s events page. The consultation ends on October 29.
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