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EU Poised to Crack Down on Tech Giants
The European Union is poised to introduce the Digital Services Act (DSA) and Digital Markets Act (DMA), with everything from fines to breakups on the table for tech companies.
The EU is widely seen as more consumer friendly than the US and takes a tougher stance against corporations. The proposed legislation is no different, with stiff penalties ranging from fines to potential breakups, according to Reuters.
The DSA is focused on making tech companies be more transparent about their algorithms, advertising and efforts to fight harmful content, hate speech and counterfeit products on their platforms.
The DMA, in contrast, focuses on online gatekeepers and will help ensure a level playing field. Gatekeeper companies, such as those that operate app stores, will not be allowed to favor their own services. Gatekeepers will also be required to share specific data with competitors, as well as regulators.
“We start with a fine, then you have a bigger fine, then you may have a temporary remedy, specific remedies, then you may have at the end of the day, what we have also in the competition rules, structural separation,” Digital Chief Thierry Breton told reporters during an online briefing.
“So from fines to separations, but of course only on the European market,” he said.
EU Poised to Crack Down on Tech Giants
Matt Milano
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