FinTech

EU Privacy Agency Wants More Safeguards To Curb US Big Tech

EU privacy watchdog EDPS on Wednesday, February 10, backed the bloc’s push to curb the power of Apple, Amazon, Google, and Facebook via new tough rules and suggested more safeguards to boost users’ privacy rights, reported Reuters.

Unveiled by EU Competition Commissioner Margrethe Vestager and EU industry chief Thierry Breton in December last year, the two sets of rules are known as the Digital Markets Act (DMA) and the Digital Services Act (DSA).

DMA takes aim at online gatekeepers which will be subject to a list of dos such as sharing some data with rivals and regulators and don’ts among them not favoring their own services on their platforms.

The DSA requires large online platforms and other internet players to do more to tackle illegal content, be more transparent about political advertising on their platforms. DMA fines can be as much as 10% of global turnover and 6% for DSA breaches.

“The EDPS welcomes the (DMA) proposal, as it seeks to promote fair and open markets and the fair processing of personal data,” the EU watchdog, which ensures that EU institutions comply with the bloc’s privacy rules, said in an opinion.

EDPS stated that gatekeepers should provide an easy and accessible way for users to consent or decline the use of their personal data by the companies for their other services, and that there should be tests to ensure personal data is effectively anonymous.

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