While the predominant aim of Libya’s new Electronic Transactions Law (Law No 6 of 2022) is to regulate electronic transactions, the law also brought into play new data protection requirements for entities handling personal data.
Libya’s recent Electronic Transactions Law (Law No 6 of 2022) will enable smoother and easier business transactions in the country by acknowledging and regulating the legal validity of electronic transactions.
Decree No 12 of 2023 establishes regulations on governmental procurement including procurement committees and an online platform in an attempt to promote competitive and transparent procurement.
One of the most prominent commercial law developments that Libya has witnessed recently is the issuance of a code of conduct related to corporate governance.