Are existing legal systems sufficient to protect those engaged in e-commerce?

Unfortunately, the existing legal systems in most developing countries are not sufficient
to protect those engaged in e-commerce. For instance, with respect to contracts, existing
laws were conceived at a time when the word “writing,” “document” and “signature”
referred to things in paper form. On the other hand, in today’s electronic business
transactions paper is not used for record-keeping or entering into contracts.
Another important and common legal issue faced by many developing countries is
uncertainty regarding whether the courts will accept electronic contracts or documents
and/or electronic signatures as evidence. One view is that the issue of admissibility
of electronically generated evidence will not be resolved unless a law
specifically referring to it is passed. This gap in existing legal systems has caused
the emergence of at least two divergent views: one bordering on the conservative
interpretation of the word “document” as to exclude non-paper-based ones; and
the other involving a liberal construction, which allows electronic counterparts of
documents.
In the ASEAN region, only three countries-Singapore (Singapore Electronic Transactions
Act), Malaysia (Cyberlaws), and the Philippines (Philippine E-commerce
Act)-have a legal framework for e-commerce. These frameworks provide for the
legal recognition of electronic documents and signatures and penalize common
crimes and offenses committed in cyberspace.