EU curbs domination of US technology corporations
Yesterday, the European Parliament (EP) and member states of the European Union (EU) reached agreement on two new laws aimed at ending abuses of dominant positions by large digital corporations. . Accordingly, in the near future, the technology corporation such as Google, Apple, Meta, Amazon and Microsoft may be forced to adjust their business in the continent.
The two new laws include the Digital Markets Act and the Digital Services Act. Both of these laws were approved by the European Parliament in mid-December 2021 before being put on the negotiating table with EU member states.
The Digital Markets Act sets forth strict “Do’s” and “Don’ts” on digital platforms.
The Digital Services Act forces online platforms to better moderate content. The regulation will also force technology corporations to obtain user consent for the purpose of displaying ads.
In the event of a breach, fines can be up to 10% of global business sales. In case of recidivism, the fines will be more severe.
Two EU laws are said to be able to completely change the way technology giants operate in Europe. The provisions of these two laws are aimed at effectively tackling fake news and hate speech online and preventing these companies from expanding to the point of monopolizing the market, eliminating fair competition.
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