President signs law “On e-commerce”

According to the document, in electronic commerce, a contract is formalized by agreeing on the terms of the contract by approving electronic documents and (or) messages between the parties in the form of an electronic document.

Electronic documents in e-commerce are equated to documents drawn up on paper and signed with one’s own hand.

E-commerce sellers are:

- legal entities and individual entrepreneurs engaged in retail and (or) wholesale sales of goods (works and services) on an electronic trading platform;
- self-employed persons engaged in the retail sale of goods (works, services) on an electronic trading platform.

Payments in this industry are made in the following ways:

ꞏ cash - by providing the buyer with documents confirming the receipt of funds in the form of a means of payment through virtual terminals (E-POS), as well as documents containing information about the seller and the sold goods;
ꞏ transfer of funds from a bank account - by transferring funds from a bank account, including through a personal account or through the system of a payment organization;
ꞏ with the use of electronic money - by transferring funds to an electronic wallet opened in the electronic money system.

Marketplace operators, payment service providers and legal entities providing goods delivery services can implement the “excrow” service in their information systems or bank accounts.

When the buyer pays for the goods, the “excrow” service provider has the right to keep the money paid until the buyer receives confirmation of receipt of the goods. If the item is not delivered or does not match the description, the excrow service provider will refund the money to the buyer, or if the item is received and accepted by the buyer, the funds will be credited to the seller’s account.

The law comes into force after three months from the date of its official publication.