The EU has agreed on a law to regulate tech giants

The European Union has agreed on a law that aims to regulate tech giants by imposing bans and restrictions on the way they operate. Known as the Digital Market Act, the law intends to ensure massive tech companies do not favour their own products and services over other companies, and likewise will force companies to provide users of their products and systems the opportunity to delete pre-installed apps.

The EU's competition commissioner Margrethe Vestager spoke about the law on Twitter, saying, "the legislation paves the way for an open, fair, contested digital market".

This law is also set to be the first serious effort to regulate big tech across the EU in 20 years, with the rules set to come into effect in October, as Reuters has reported, assuming it is approved by both the European Parliament and the Council of the European Union.

As for what might happen if one of these laws are broken, it's mentioned that companies will be severely punished, potentially even with a complete dissolution of that company.