European Union to Introduce New Rules for Tech Giants

Technology

The European Union is all set for launching the new set of rules for the purpose of equalizing the playing field for the technology companies. On Thursday, the council negotiators and European Union parliament has agreed on a new set of the rules for the purpose of limiting the market power of the technology giants including Google, Facebook, Microsoft, Amazon and Apple.

The new rules that still need to pass another approval is going to be applied to the social media platforms, along with the search engines and social networks with a market capitalisation of around 75 billion euros.

The technology giants must also have at least 45 million end users monthly in the European Union and around 10,000 business users annually. Under the DMA (Digital Markets Act), the big messenger platforms will have to interoperate and open up with the small size messaging platforms if they request for it.

There are going to be more strict rules on how the various technology giants have been using the data of the users and there is also going to be a requirement for the purpose of allowing the users for freely choosing the search engines of virtual assistants and browser of the companies.

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The technology companies, which will not comply with these new rules can possibly face fines up to 10 percent of the company’s total turnover across the world and 20 percent in the case of the repeated infringements.

Ram is a leading news contributor for IndustryWatch24 and specialises in writing about technology. His enthusiasm for the most recent technological advancements, such as Bitcoin and AI technology, among others, is evident in the most recent industry coverage he offers. He currently presents his analysis of popular business and technological fields, which gives his writing a present and unique perspective.