Draft EU rules propose mammoth fines, bans for tech giants

Draft EU rules to be unveiled Tuesday would see tech giants face huge fines or banned from the market for breaches, sources said, posing a major challenge to the likes of Google and Facebook.

The EU Commission is gearing up to present its long-trailed Digital Services Act and its accompanying Digital Markets Act to lay out strict conditions for internet giants to do business in the 27 countries.

EU sources told AFP on Monday the landmark legislation would see tech behemoths facing fines of up to 10 percent of their revenues for breaking some of the most serious competition rules.

It could also see some of the world’s biggest firms banned from the EU market “in the event of serious and repeated breaches of law which endanger the security of European citizens”, the sources said.