The Standing Committee on Innovation and e-Policy held a press conference on January 20 to provide information on its work during the 2021 fall session of Parliament.

The standing committee met eight times and developed five bills, which were approved by Parliament during the fall session. In particular, the Law on Information Transparency, Law on Protection of Personal Information, Law on e-Signature, Law on Virtual Asset Service Providers, and the first Law on Cybersecurity were passed.

Chairman of the standing committee N.Uchral emphasized that the adoption of these laws has created a legal environment for Mongolia to keep pace with the Fourth Industrial Revolution and make e-transition.

A total of 68 information of five types are included in the Law on Information Transparency while the Law on Protection of Personal Information defines terms such as personal privacy, sensitive information, controller, processor, genetic and biometric information based on the standards of other countries. It also regulates conditions for the collection, processing and use of sensitive human and biometric data and their use for historical, scientific research and analysis purposes, according to N.Uchral.

The law includes regulation on the placement of audio and video recording equipment, requirements for audio and video recording systems, and relevant prohibitions and control.

In accordance with the Law on e-Signature, the General Authority for State Registration will provide all citizens with an electronic signature free of charge to create conditions for citizens to receive public and banking services online. It reflects that a citizen is allowed to have as many electronic signatures as they want. It will be possible to extend e-signature period every five years.

Lawmaker G.Amartuvshin informed that the Law on Virtual Asset Service Providers provides for taxation of income from sale and services, creation of a legal framework for exemption of a financial service provider from VAT and imposition of penalties on violators. The Financial Regulatory Commission will be responsible for the registration, proper governance, activities, reporting requirements of virtual asset service providers, determination of share capital and equity, remote and on-site inspections, restrictions and suspensions.

Parliamentarian E.Bat-Shugar says the Law on Cybersecurity stipulates that intelligence agencies conduct cyber security risk assessments of state-owned legal entities, guarantee special equipment and software, operate digital analysis laboratories, and evaluate projects and programs to be implemented through loans and grants. All intelligence agencies will be solely responsible for cybersecurity, he noted.