EU to Investigate Google, Apple and Meta Under the Digital Markets Act
Regulators in the European Union are investigating tech giants such as Apple, Google, Meta, and Amazon. According to the latest reports, regulators have cited non-compliance and ranking practices of the aforementioned firms.
At the same time, legislators have shared reservations regarding potential violations of the EU Digital Markets Act.
To address the matter, legislations have set up a European Commission in accordance with a statement issued on 25th March. The commission alleged that gatekeeping firms do not have compliance lags with the DMA.
The antitrust regulators of the EU have raised questions on Alphabet Inc. regarding the Google Play Store listing process and self-preferencing option on Google search. The same question is also posited to Apple about the Apple Store and screen choices on the Safari browser.
At the same time, Meta has also received criticism about its pay or consent model. Additionally, the commission noted that it will take steps to relate Apple’s new fee structure for alternative app stores and ranking algorithm on Amazon marketplaces. The regulator asked the firms to maintain documented records to ensure effective implementation and compliance.
Regulators in Europe to Conclude Investigation in 12 Months
The regulators have noted that these proceedings will take 12 months to complete. In case of infringements, the European regulators could impose a 10% fine on the worldwide turnover. The regulator claimed that any instance of systematic infringement may require the firms to sell parts of the company or get banned from acquiring new services.
DMA is a legislator that intends to create fair market practices and contesting practices in the industry. This document contains strategies and SOPs for gatekeeping firms that are large digital platform that offer a gateway between businesses and customers.
The popular position of these firms may grant them power to operate as a bottleneck in the digital economy. Apple, Amazon, Alphabet, ByteDance, Meta, and Microsoft are designated gatekeepers as the regulator.
The companies have until 7th May to comply with DMA requirements. The ongoing investigation is a result of a lawsuit brought by the Department of Justice on 21st March against Apple. The lawsuit purported that the firm use monopolizing methods to illegally thwart competing firms and limit competition.
The US regulator also alleged that Apple Inc. has a monopoly in smartphone market and mandates developers and users to use its payment systems.
The Impact of Portugal Elections on the Crypto Sector
A Cointelegraph report published on 10th March discussed the general elections and its probable impact on the local crypto sector. The voting session opened on 10th March, 2024 coinciding with half-century celebrations of freedom from the dictatorship regime.
Former Prime Minister Antonio Costa assumed the responsibility of prime minister in 2022 with a 41.37% majority in the parliament.
However, the administration was charged with ever increasing corruption and scandals that led to several resignations including PM Costa. The situation imposed the President to call for new elections with voters started to lean away from previously elected center-left Socialist Party and towards center-right Democratic Alliance (DA). Voters are largely distributed among various political parties and candidates.
However, a considerable section of the population wants to hear the plans regarding the crypto industry to decide their votes. It is not a surprise that all political parties participating in the process have included crypto policies in their campaigns.
New Economy Institute
The New Economy Institute of the nation has published a circular to share the comparative analysis and summary of the crypto plans of all participating parties.
The institute has nominated Chega party as the most crypto-friendly candidate noting that it intends to make Portugal as a crypto hub. The proposal of the novel party is inclusive of offering introductory courses on topics such as cybersecurity, AI, programming, and blockchain tech in primary schools.
Another party namely AD has shared similar plans but their programs are limited to coding courses in the national education system that will put the nation among top 10 nations in Europe by 2030 in terms of digital innovation and technical prowess.
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