The United Kingdom is currently eyeing Google and Facebook! The country already launched a new government agency that would limit the power of the big tech firms in the U.K.
Also Read : Facebook User Data Breach Gets Company $6.1 Million Fine in South Korea, Around 3.3 Million Data Leaked
As of the moment, the U.K. hasn't released any confirmation which of the two tech giants will be subjected to the new unit's authority. However, Tech Radar reported that it is already obvious that Facebook and Google will certainly receive a lot more regulatory attention from the new tech regulator.
The new Digital Markets Unit will have the power to enforce new practice codes for Google, Facebook, and other tech firms that are identified to possess strategic market status.
The new government agency was the idea of the Competition and Markets Authority (CMA), which will also manage the Digital Markets Unit.
CMA investigates the digital advertising industry
The new tech regulator was launched after CMA investigated the digital advertising industry earlier in 2020. The investigation widened out to look at Facebook and Google's market dominance.
"Digital platforms like Google and Facebook make a significant contribution to our economy and play a massive role in our day-to-day lives,"said Alok Sharma, the U.K.'s business secretary via Tech Radar.
"Whether it's helping us stay in touch with our loved ones, share creative content or access the latest news," he added.
He also explained that if there are only a few tech companies that dominate the market, problems might surface. These include high advertising prices, less choice and control for consumers, and less innovation.
What the new code of conduct will provide
According to Forbes' latest report, the Digital Markets Unit's new code of conduct, which is expected to begin in April 2021, will provide many benefits to the consumers and other tech companies.
The new code of conduct is expected to allow small businesses to efficiently promote their products online, and give the consumers more control and choice over how their data is used by Google and Facebook.
This will also ensure that the two platforms are not implementing unfair terms, policies, or conditions to the business customers, as well as new publishers.
For more news updates about Facebook, Google, and other tech firms, always keep your tabs open here at TechTimes.
This article is owned by TechTimes.
Written by: Giuliano de Leon.
