Ahead of the game....18 Jul 2022 12:22
The European Council gave on Monday its final approval on the Digital Markets Act (DMA), the legislation aimed at regulating large online platforms and creating a level playing field. The so-called gatekeepers will no longer be able to rank their own products or services higher than those of others, prevent developers from using third-party payment platforms for app sales, or pre-install certain apps or software, among other regulations. Online platforms identified as gatekeepers will have to comply with the new rules within six months or risk a fine of up to 10% of their total worldwide turnover.
"With the final adoption of the Digital Markets Act, we will finally make large online platforms responsible for their actions. Hereby, the EU will change the online space worldwide. The gatekeepers that the DMA addresses are omnipresent – we all use their services on a daily basis. However, their power is growing to an extent that negatively affects competition. Thanks to the DMA, we will ensure fair competition online, more convenience for consumers and new opportunities for small businesses," said Czech Deputy Prime Minister for Digitization Ivan Bartos on behalf of the country's Council presidency.
Baha Breaking News (BBN) / DJ