This week, Big Tech firms seem to have coordinated to offer remedies to EU regulators to end different antitrust probes as Amazon, Meta and Google all signed a new version of the EU’s anti-disinformation code that would force them to share more data about how they tackle disinformation. The news comes as the EU Parliament reaches an agreement with EU governments on the Digital Services Act.
Additionally, the race to adopt crypto regulation continues, with the EU Commissioner for financial services urging Parliament to speed up the legislative process to get quick approval. The European Central Bank encouraged firms to adopt EU instant payment solutions and suggested that a digital euro could help to create a pan-European private instant payment system.
Cryptocurrency
EU Commissioner Urges Parliament to Adopt Crypto Rules to Protect Consumers
Mairead McGuinness, EU’s Commissioner for financial services, told members of the European Parliament (MEP) on Tuesday (June 14) that given the recent developments in the crypto space, passing the Markets in Crypto Assets (MiCA) regulation is urgent as these rules will be “the right tool to address the concerns about consumer protection, market integrity and financial stability.”
UK Wants Crypto Companies, Not Criminals, Digital Minister Says
The U.K.’s digital minister is stressing his government’s wish to make the country a worldwide hub for cryptocurrency activity, even as he expressed caution about illegal activity. “We do intend the United Kingdom and London to be crypto centers,” Chris Philp told Bloomberg Radio Wednesday (June 15). “But of course, we’ve got to do that in a way that protects the public and in particular pays attention to issues concerning, for example money laundering, and making sure that crypto is not used as a way to circumvent things like sanctions.”
Russian Lawmakers Consider Bill to Ban Crypto Payments
The lower house of Russia’s parliament is considering legislation that would bar crypto platforms from hosting purchases with crypto assets, Bitcoin.com reported. Backers of the legislation specifically want to stop the use of digital assets for real-world transactions within the Russian Federation. Crypto could still be used for international trade.
In addition to banning purchases with cryptocurrencies, the proposed law would ban the exchange of digital tokens as a means of payment.
Big Tech
Amazon Pushes for End to European Commission Probe with Data Sharing, Rival Boosting
Amazon will share marketplace data with its sellers and boost rivals’ product visibility on its platform if the European Commission will close its 2020 investigation with no fine levied against the world’s largest retailer by the end of this year, people familiar with the situation told Reuters Monday (June 13).
The company is proposing to allow sellers access to some marketplace data, adding its commercial arm will not be able to use seller data collected by its retail unit. Amazon will also create a second buy box for rival products if an Amazon product appears in the first buy box, the report said.
Google Offers Rivals YouTube Ad Space Amid EU Probe
Google has offered to allow rival ad intermediaries to place advertisements on YouTube as a way of potentially ending a European antitrust investigation, according to a Monday (June 13) Reuters report. Per the report, sources close to the probe say Google is hoping this remedy can bring the matter to a close and help it avoid a fine.
The European Commission began its investigation in 2021 into whether the world’s largest provider of search and video had given itself an unfair advantage in digital advertising by blocking rivals’ and advertisers’ access to user data.
Facebook Owner Meta Makes Antitrust Commitments Over Online Advertising
France’s antitrust watchdog said Thursday (June 16) that it has approved commitments made by Facebook owner Meta Platforms regarding the French online advertising sector, Reuters reported. Meta has committed to giving access over a five-year period to advertising inventories and campaign data to so-called advertising technology companies on transparent, objective and predictable conditions, the French regulator said.
Apple App Tracking Rules Draw German Antitrust Scrutiny
Germany’s Federal Cartel Office is investigating whether Apple’s third-party app tracking rules give the tech behemoth preferential treatment or undermines competition, according to a Financial Times report Tuesday (June 14).
The German antitrust watchdog is concerned that Apple’s rules are “self-preferencing” and stifles competition, given Apple’s ability to “unilaterally set rules for its ecosystem.” Apple’s new tracking rules, introduced in April 2021, force third-party apps to ask users’ permission before tracking their behavior in order to send them personalized ads.
EU’s Disinformation Code Will Force Big Tech to Disclose How They Tackle Fake News
Facebook, Twitter and TikTok are among the signatories of a new version of the EU’s anti-disinformation code that was published on Thursday (June 16) and would force companies to share more data about how they tackle disinformation.
Companies will need to disclose how they are removing, blocking or curbing harmful content in advertising and in the promotion of such content. Online platforms will also have to develop tools and partnerships with fact checkers to tackle “harmful disinformation.” Additionally, Big Tech companies will also be forced to provide a country-by-country breakdown of their efforts, rather than providing global or Europe-wide data.
EU Parliament’s Committee Endorses Agreement on Digital Services Act
The EU Parliament’s Internal Market Committee endorsed Thursday (June 16) the provisionally reached agreement with EU governments on the DSA with 36 votes in favor, five against and one abstention. The DSA, together with its sister proposal, the Digital Markets Act (DMA), sets landmark standards for a safer and more open digital space for users and a level playing field for companies. Very large online platforms and search engines (with 45 million users or more) will have to comply with stricter obligations to protect users from illegal content and goods.
Payments
ECB’s Panetta Urges Firms to Adopt EU Instant Payment Solutions
The European Union should continue working on a pan-European payment solution based on instant payments and a digital euro to avoid relying on United States credit card networks and Big Tech companies for retail payments. This was the main message that Fabio Panetta, board member of the European Central Bank (ECB), delivered Thursday (June 16) at the European Payment Council’s 20th anniversary conference.
EU Faces Citizens’ Opposition in Race for Digital Euro
The European Commission closed a public consultation on the digital euro on Tuesday (June 14), after feedback from EU citizens indicated that a central bank digital currency (CBDC) may not be as welcomed as regulators had hoped for.
Regulators received 16,299 responses, with 98% from EU citizens, and just 0.3% from companies or 0.03% from businesses associations. The overwhelming majority of comments from EU citizens opposed the adoption of a digital euro. Many respondents argued that with a CBDC, citizens would lose privacy in their transactions and the government would have more control over their finances and eventually over their lives.
UK’s Digital Strategy Is to Be the Anti-EU Regulator
The U.K. government used the London Tech Week that took place this week as the platform to unveil a series of proposals that aim to make the U.K. a global tech superpower. On Monday (June 13), different members of the government revealed a new U.K. Digital Strategy that would bring “cross-government tech and digital policies together in one unified roadmap for ensuring digital technology, infrastructure and data drives economic growth and innovation in the coming years,” said Tech Minister Chris Philp.
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