The %EuropeanParliament has voted to adopt sweeping new regulations designed to %GovernTheInternet and hold technology companies accountable.
The regulations are outlined in two pieces of legislation: the %DigitalServicesAct that protects the rights of internet users, and the %DigitalMarketsAct that is designed to create fair and open competition online.
The laws include new rules for all digital services, including social media and online marketplaces like %MetaPlatforms ($META) owed Facebook.
Members of the European Parliament voted overwhelmingly in favor of adopting both laws in a vote held in Strasbourg, France. The next step is for both laws to be adopted by the Council of the European Union, after which they are expected to come into force this autumn.
The legislation is the European Union’s attempt to hold technology companies accountable for their online content and practices, with hefty penalties for organizations that violate the rules.
The Digital Markets Act is Europe’s attempt to level the playing field among technology companies and could force companies to make messaging apps interoperable.
The Digital Services Act would prohibit certain kinds of online advertisements, preventing targeted advertisements aimed at children or tailored to people’s ethnicity or sexual orientation.
Companies could face fines of up to 10% of their global revenues for breaking the new laws, which could amount to billions of dollars in penalties.