Principles of financial regulation for Big Tech

Principles of Financial Regulation for BigTech

With the advent of the COVID-19 vaccine, 2020 will end on an optimistic note. Yet, many challenges lie ahead, from unfolding a global vaccination strategy effectively to making sure governments and central banks support countries’ economies during what will be a bumpy 2021 start.

Policy discussions and initiatives related to the economy’s digitalisation will also come back to the front line. Big Tech companies have gained a lot of attention from regulators and legislators on data privacy, antitrust, cybersecurity and financial stability issues. The recent pandemic highlighted other tech-related issues, such as digital divide, racial equity, freedom of speech and the need for international technology governance.

These issues are not new. European Union (EU) regulators have been focusing on some of them for quite some time. The European Commission has announced a major overhaul of the current EU’s legal framework, the Digital Services Act, which will include imposing rules on platforms indispensable for companies to reach consumers and access online markets. The novelty for 2021 is that the US and China will enter the regulatory arena too. It matters as both countries are home to most of the Big Tech companies.

 link to the full article on ORF