On Tuesday (July 5), the European Parliament adopted significant legislation aimed at controlling Big Tech. The Digital Markets Act (DMA) was designed to limit the market dominance of US IT firms. The European Union hopes that by enacting these measures, it would be able to reduce illicit content on the internet.
MEPs accepted the final draughts of the Digital Markets Act. Its goal is to put a stop to the monopolistic activities of the tech titans. Meanwhile, the Digital Services Act (DSA) seeks to increase inspection and penalties for platforms that host prohibited information. ‘With the legislative package, the European Parliament has ushered in a new era of tech regulation,’ said German MEP Andreas Schwab, a prominent supporter of the rules.
The primary goal of the Digital Markets Act is to safeguard consumers. The regulation will also provide rivals with various options to compete with large tech giants. It has around 20 regulations in all. According to reports, the DMA will have significant ramifications for Google, Meta, and Apple. That document was approved by the European Parliament with 588 votes in favour and only 11 votes against it. There were 31 abstentions.
The DSA, on the other hand, seeks to guarantee that firms that fail to censor hate speech, misinformation, and pictures of child sexual abuse face actual penalties. DSA intends to target a broader spectrum of cyber actors. It was approved with 539 votes in favour and 54 votes against. There were 30 votes against. According to Danish MEP Christel Schaldemose, the internet world ‘has evolved like a western movie, with no real rules of the game, but now there is a new sheriff in town’. Both legislation now awaits the ultimate approval of the EU’s 27 member states, which appears to be a mere formality.
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