The Digital Markets Act (DMA) will be implemented in the spring of 2023.
The antitrust legislation that includes measures to reduce Big Tech’s dominance could be adopted as early as October this year. Moreover, as soon as the law takes effect, the Commission will be ready to take action against any breaches committed by “gatekeepers,” such as Meta, Apple, Google, Microsoft, and Amazon.
“Gatekeepers” are companies with a market cap of more than $82 billion and a social platform or app with at least 45 million monthly users. If a gatekeeper breaches the DMA’s rules, gatekeepers can face fines of up to 10% of their previous total worldwide turnover.
Additionally, Gatekeeper will have three months to notify the Commission of any possible violation, followed by a two-month wait for confirmation from the EU. European Union Commission executive vice president Margrethe Vestager said, “we’re aiming to come forward with the new structures very soon.”
[2 minute read]