E-commerce governed by own rules

Asian legislators lag in dealing with many of the legal issues that crop up in e-commerce. Meanwhile, private operating rules govern e-marketplaces and the payment and trade facilitators. But how legal are these rules?

The brisk pace of the e-commerce and e-finance development has left legislatures in their wake. In Asia, only a handful of jurisdictions have enacted legislation governing electronic transactions, the status of electronic contracts, digital signatures, or internet banking. This is despite the rising popularity of the internet as a medium for the provision of financial services and in re-engineering commerce and trade as we know it.

At a recent conference on internet banking held by Baker McKenzie...

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