European Union lawmakers have set out the biggest update of digital regulations for around two decades — likening it to the introduction of traffic lights to highways to bring order to the chaos wrought by increased mobility. Just switch cars for packets of data. The proposals for a Digital Services Act (DSA) to standardize safety rules for online business, and a Digital Markets Act (DMA), which will put limits on tech giants aimed at boosting competition in the digital markets they dominate, are intended to shape the future of online business…