EU Enacts Landmark Digital Markets Act to Regulate Big Tech
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The EU's new Digital Markets Act (DMA) takes effect on March 7th, aiming to regulate Big Tech companies and create a "level playing field" in the digital marketplace.
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The DMA initially applies to 6 major tech companies (Alphabet, Amazon, Apple, ByteDance, Meta, Microsoft) and 22 of their core platform services.
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Violations can result in fines up to 10-20% of a company's global annual turnover; repeat offenders may face 20% fines.
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The DMA takes a proactive approach to regulate tech giants and dominance in digital markets before consumer harm occurs.
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The legislation is already serving as a model for other countries looking to pass their own versions of the DMA to regulate tech companies.