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    EU lawmaker wants Big Tech regulations to specifically target US firms | AppleInsider

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    As the EU drafts proposals to regulate technology firms, one European lawmaker wants the financial definition of Big Tech changed to ensure chiefly American companies are affected.

    The European Union has proposed legislation that would regulate Big Tech companies and fine them for noncompliance. As the Digital Markets Act (DMA) proposals work toward becoming law, European Parliament lawmaker Andreas Schwab wants to introduce new changes to the definition of Big Tech.

    According to Reuters, there are currently two specific definitions for what are known as Big Tech companies, or “online gatekeepers.” The first is that they are companies that have an annual turnover of more than $8 billion from their European businesses in the last three years.

    The second is that alternatively they have a market value of $80 billion in the last financial year. In either case, as originally proposed by the European Competition Commissioner Margrethe Vestager, they must provide what’s described as a platform service in at least three EU countries.

    In a new report for the EU, lawmaker Andreas Schwab says that these definition thresholds should all be increased. He says the turnover should be $12.22 billion, and the market value be at least $122.2 billion.

    “The DMA should be clearly targeted to those platforms that play an unquestionable role as gatekeepers due to their size and their impact on the internal market,” he wrote. “[It] is appropriate to increase the quantitative thresholds and to add… that they are providers of not only one but, at least, two core platform services.”

    The previous, lower levels were likely to mean technology firms from the US, Europe, and Asia, would be bound by the new regulations. If accepted, the increased figures will limit the laws to US firms such as Apple, Google, and Facebook.

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    Md Kashif Ali
    Md Kashif Ali
    Hey Guys Its Kashif, Founder of Tech Fire. I spend most of my free time creating content for my YouTube channel and this website. I started my YouTube channel at age 15 and my goal was to teach people what they can do with their gadgets.
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