The new law, which takes effect in 2023, would force the likes of Facebook, Amazon, Google and Apple to change their business model in the EU or face massive fines.
Europe’s antitrust chief Margrethe Vestager on Thursday won backing from European Union members and EU lawmakers for her proposal, the Digital Markets Act , which targets so-called “gatekeeper” firms, requiring them to change allegedly anticompetitive practices or face major fines.
The new law, set to take effect next year, sets out a list of dos and don’ts that outlaw many of what are currently core business practices among major tech companies. Apple, for example, will have to allow alternatives to its App Store for downloading apps and allow payment methods for the App Store other than Apple’s own.
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