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Japan is drafting an anti-monopoly law to rein in the control Apple (NASDAQ:AAPL) and Alphabet (NASDAQ:GOOG) (GOOGL) have over app stores and payments, Bloomberg reported.
A draft law will be submitted next year, which could result in fines for violations, the website said, citing the Nikkei daily, which didn’t attribute the information.
Fines under the country’s anti-monopoly law are around 6% of revenue generated by violations, the Nikkei daily said.
The U.S. earlier found that Alphabet has monopoly power through its Play store and in the EU Apple is facing fines for blocking cheaper music streaming rivals on its App Store.
Japan’s new law would also regulate anti-competitive practice in search, browsers and operating systems, and may clear a path for Japanese game companies to operate game stores on smartphones.
Fintechs may also be able compete in payments against Apple and Google, the paper said.
Apple is down 0.2% on Tuesday and Google is up 0.5%.
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