UK to Introduce Regulatory Bodies for Google and Facebook in April Next Year

Decision to Install Digital Market Unit

[Asia Economy Reporter Naju-seok] The UK government has decided to introduce a new regulatory body called the 'Digital Markets Unit (DMU)' to address unfair practices by large information technology (IT) companies.

According to foreign media on the 26th (local time), the UK has set a direction to establish the DMU within the Competition and Markets Authority (CMA) by April next year. To this end, the UK plans to prepare related regulations to monitor companies such as Google and Facebook.

Oliver Dowden, UK Secretary of State for Digital, Culture, Media and Sport
[Image source=Reuters Yonhap News]

According to the CMA, Google and Facebook accounted for 80% (14 billion pounds, 20.66 trillion won) of digital advertising in the UK as of last year.

In response to this monopoly issue, the UK government has decided to grant the DMU the authority to suspend or reverse decisions made by large IT companies, as well as the power to impose fines if regulations are violated.

Oliver Dowden, UK Secretary of State for Digital, Culture, Media and Sport, said, "There is a consensus that growth is hindered, innovation decreases, and negative impacts occur for consumers and businesses due to a few powerful companies," adding, "Now, these issues must be resolved for new technological growth."