EU Imposes Impending Stringent Regulations on Tech Giants
The largest tech giants in the world will now be required to comply with new regulations from the European Union (EU) that will impact their global operations. Beginning on August 26, the EU Digital Services Act (DSA) will have a broad effect on social media content moderation, user privacy, transparency, and the sale of counterfeit goods online. Additionally, the law aims to prevent the spread of harmful or false content, restrict targeted advertising practices, and mandate data sharing with regulators. Violations of the DSA can result in fines of up to 6 percent of a company’s global turnover and potential banning from operating within the EU. Some platforms, such as eBay, Airbnb, Netflix, and Pornhub, have been excluded from the initial list of companies subject to the DSA, but they may be included later. The DSA is part of the EU’s ongoing efforts to regulate the power of the tech industry, with more regulations planned for the future. Critics express concerns about potential limitations on freedom of speech and the use of the law to suppress unpopular views. Companies like Amazon and Zalando are contesting their inclusion on the list in court, but are making changes to comply with the DSA in the meantime. Multiple tech platforms have already made or will make adjustments in order to become DSA-compliant, including Facebook, Instagram, Twitter, TikTok, Snapchat, Google, and Wikipedia.
