South korea takes a giant step in regulating big tech platforms
South Korea’s parliament yesterday passed a new law that imposes curbs on anti-competitive behaviour of large app store operators such as Google and Apple. It’s reported to be the first law of its kind in the fast evolving regulatory landscape of big technology platforms.The backstory is that these platforms have used their heft to force software developers to use their in-house payment systems which lead to revenue for the platform in the form of commissions. South Korea’s law ends this practice and opens the door to competing payment systems.
This law is a milestone in the global regulatory landscape that is searching for ways to curb practices of tech platforms that undermine competition, without in any way undercutting the positive dimensions of tech platforms.
Separately, the EU is debating a draft law introduced in December, Digital Markets Act, which aims to check harmful behaviour of tech platforms when they act as digital gatekeepers.
The churn arises from a unique feature of the digital economy: Economies of scope. It allows for rapid horizontal expansion into new services while remaining a gatekeeper. The evolving regulatory landscape is trying to find ways to curb the inherent conflict of interest in this model.
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