The European Union will start enforcing new regulations on Big Tech in spring 2023 when the Digital Markets Act (DMA) finally comes into effect. The announcement was made by the European Commission’s executive VP Margrethe Vestager. Earlier, Vestager said that the legislation could be entering into force in October 2022. Find more news on the GBC Time website.
DMA aims to restrict the influence of Big Tech companies, called the gatekeepers, which include Microsoft, Facebook, Google, Amazon, and Apple. The act defines gatekeepers as firms with a capitalization of €75bn+ and 45m monthly users on social platforms or apps. In those companies violate the DMA rules, they could be fined up to 10% of total turnover in the previous years. And if the offense occurs for the second time, the company will face a 20% fine.
After the act comes into force, the gatekeeper companies will have 3 months to declare their status to the European Commission. Then, they will need to wait for 2 months for the Commission’s approval. This means that the real crackdown on the Big Tech will not be until the end of 2023.
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