Digital Market Act should be replicated to the third world countries.
Regulation for Digital Market
An agreement was reached between the member states of the European Union on 24 March 2022. According to the agreement, the European Union will be able to regulate all major technological companies. European governments can now fine technological companies and even ban them if they do not comply. Companies to which the law will apply include large tech-giant companies such as Facebook, Google, Microsoft, etc.
The agreement is called the Digital Market Act and is agreed upon in Brussels between the European Commission, the European Parliament, and the Member States of the European Union.
Main Targets of the Legislators
The lawmakers have made this agreement for the protection of their people. According to this, any company that does not abide by the law will be liable for fines up to 10% of the company’s annual income. In case of re-disobedience, the same fine will be increased from 10% to 20%. And if they still disobey, the company will be forced to completely shut down its operations.
The Digital Market Act
Key Proposals of Digital Market Act
TheCurse of Pre-loaded Apps
People will have the freedom to download whatever they like. For example, when a person buys a new phone, the phone company already pre-installs some applications. And that person cannot delete these applications. Just like Android users use the Google Chrome browser and Apple users use the Safari browser because of the limitations put up by the respective tech company. But now, users will have the choice to decide which browser to use. The same is true for other many applications.
The Curse of Platform Shift
Similarly, every company has its own messaging app, its own camera app, and its audio applications. According to this law, these applications now have to be designed in such a way that they can function and communicate with each other easily. For instance, if a user wants to send a message to i-messages via WhatsApp, now s/he can do that. In this way, the public will not have the problem of having an iPhone or Android, and their compatibility issues with one another.
The Curse of Self Advertisement
In the same way, the big companies will not have the advantage to overrate their own products. For instance, if we use Facebook advertisement then Facebook will not be allowed to promote its own product vis-a-vis the rest of other products. This will promote healthy competition among numerous business players in the market and will highly encourage new entrepreneurs to carry on with their business activities without fear of disadvantage.
Regulations for the Future
This law will pave the way for the future regulation of the digital markets.
Benefits of Digital Market Act
The biggest benefit of this law would be that the digital rights of people will be protected and the problems associated with the digital product will be minimized.
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Similar kind of legislation should be implemented in Pakistan and the third world…
Similar kind of legislation should be implemented in Pakistan and the third world…