EU Begins Regulating Social Media Firms

Facebook, Instagram, Twitter, YouTube, and numerous other social media platforms that dominated consumer control are being regulated in the European Union. Announcements were issued that after 2020, largescale corporations operating in the technology marketplace will receive yearly reviews. The European Parliament has begun tackling harmful & illegal content that’s listed on platforms like Facebook.

Implemented restrictions eliminate these social media services from governing over consumer data, which prevents largescale corporations from promoting their services over competing firms. Evidence indicates that Apple & Google have purposely eliminated applications from the App Store, then months later release an application with evident similarities.

The European Parliament won’t tolerate Non-Compliance. Social media platforms have received warnings that refusing to co-operate will prompt millions in fines. EUROPA threatened to terminate those platforms all together if compliance isn’t achieved. The harsh stance seen by EUROPA initiated after evidence indicated all largescale corporations operating social media channels being guilty. Proposals by EUROPA Politicians wanted 10% of these companies European Turnover awarded to government agencies. That proposal was accepted & marked the moment where companies like Google began taking EUROPA seriously.

EUROPA named this legislation the “Digital Services & Digital Markets Act”, which comes into effect on January 1st. Agents from the European Parliament sent this legislation to the United Kingdom & requested its consideration. Brexit transitioning guaranteed this legislation wouldn’t be approved. However, announcements were issued from the CMA (Competition & Markets Authority) in Great Britain. Details noted that legislation is being written now, with hopes to have ministers review governance measures for these companies by December 31st. It means that EUROPAs legislation is denied.

Before the European Parliament made their formal announcement regarding the “Digital Services & Digital Markets Act”, largescale corporations were informed of the press conference date and time. Multiple leaders in America like Tim Cook & Mark Zuckerberg didn’t react positively to learning they’ll be governed to extremes. Members in Europe’s Parliament were considerably happier, as sentiments mentioning how the golden age of digital growth is about to begin. It’ll be interesting to see how these largescale firms respond to EUROPA.