The new law"will put an end to some of the most harmful practices of Big Tech and narrow the power imbalance between people and online platforms."Digital and consumer rights advocates on Friday hailed a landmark European Union law aimed at curbing Big Tech's monopolistic behavior.
Ursula Pachl, deputy director-general at the European Consumer Organization , an umbrella advocacy group,in a statement that"this is a big moment for consumers and businesses who have suffered from Big Tech's harmful practices." "These rules are key to stimulating and unlocking digital markets, enhancing consumer choice, enabling better value sharing in the digital economy, and boosting innovation," he added.that"the Digital Markets Act puts an end to the ever-increasing dominance of Big Tech companies. From now on, Big Tech companies must show that they also allow for fair competition on the internet. The new rules will help enforce that basic principle.
The DMA applies to companies deemed both"platforms" and"gatekeepers"—those with market capitalization greater than €75 billion , 45 million or more monthly end-users, and at least 10,000 E.U. business users. Companies that violate the law can be fined up to 10% of their total annual worldwide turnover, with repeat offenders subject to a doubling of the penalty.
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