The EU intention for BigTech regulation, as reported by FT, might be justified based on the dominant gatekeeper influence on digital participants in the global economy. The reported EU regulatory intention of open data sharing proposal will be beneficial for international competition.
A global regulatory process initiative is required; and new regulation has to be more dynamic, keeping pace with innovation lifecycle. Legislation has to become vibrant and digital but less static. This new regulatory approach will foster transparency, accountability, compliance and responsibility of BigTech.
Furthermore, international regulatory enforcement should be fair and regulatory eligibility for global BigTech should be unbiased and transparency but proportionate to the complexity of technology. I suggest a new global ecosystem of regulatory engagement between the policymakers, regulators and BigTech.
Firstly we need a new definition of the principle of BigTech regulation similar to a structure like the financial services.
Secondly, we need a global framework for global anti-competitive digital market behaviour to signal transparency on the digital platform.
(Financial Times) https://www.ft.com/content/c8c5d5dc-cb99-4b1f-a8dd-5957b57a7783