Australia’s draconian laws set to shake social media

TL;DR Breakdown

  • Australia has proposed a new law to increase oversight and penalties for digital platforms spreading misinformation.
  • The Australian Communications and Media Authority (ACMA) would gain powers to demand records related to misinformation and disinformation from these platforms.
  • The law also provides for the creation of a code of practice, violation of which could result in penalties up to $2.75 million or 2% of global turnover.

Description

In a significant shift in policy, the Australian government is setting its sights on social media and other digital platforms, unveiling stringent legislation that intensifies oversight and levies severe penalties for spreading misinformation. The move could fundamentally transform how tech giants operate in the country, signaling a potential watershed moment in the ongoing global debate … Read more

In a significant shift in policy, the Australian government is setting its sights on social media and other digital platforms, unveiling stringent legislation that intensifies oversight and levies severe penalties for spreading misinformation.

The move could fundamentally transform how tech giants operate in the country, signaling a potential watershed moment in the ongoing global debate over online truthfulness and accountability.

Increasing power for Australia’s media watchdog

The proposed law promises to beef up the powers of Australia’s media regulator, the Australian Communications and Media Authority (ACMA).

Notably, the ACMA would gain the authority to demand digital platforms to maintain records about misinformation and disinformation related matters, turning them over upon request.

This, according to Communications Minister Michelle Rowland, allows the regulator to scrutinize the actions platforms are taking to ensure compliance effectively.

Moreover, the ACMA could ask the industry to formulate a “code of practice” targeting misinformation. Violations of this code could lead to hefty fines reaching up to $2.75 million, or a staggering 2% of global turnover, whichever is higher.

To establish clarity in the application of the law, the draft bill offers definitions of misinformation and disinformation. The former refers to unintentionally false, deceptive, or misleading content, while the latter points to harmful content disseminated intentionally.

Although critics argue about the potential for government overreach and the ambiguity in determining what constitutes misinformation, Ms. Rowland assures that the government aims to protect Australian citizens and does not intend to curb freedom of speech.

To add to the litany of penalties, the ACMA is also set to be given the authority to craft and implement an industry standard. Any breaches of these standards could land companies with fines of up to $6.8 million or 5% of their global turnover, thus adding an extra layer of accountability.

Wider implications for digital platforms

Under this rigorous legislation, all digital platforms ranging from social media outlets, news aggregators, and even podcasts would fall within the ambit of the regulator’s enhanced powers.

Throughout the process of drafting the bill, the ACMA held consultations with various social media conglomerates, putting them on alert regarding their responsibilities in this sphere.

However, Ms. Rowland has made it clear that the regulator will not possess the power to remove individual pieces of content and that the new measures will not apply to professional news content.

Public consultations on this bill, officially dubbed as the Communications Legislation Amendment (Combating Misinformation and Disinformation) Bill 2023, have begun and will close on August 6.

Australia’s proposed legislation comes at a time when governments worldwide are grappling with the pervasive spread of online misinformation.

If passed, this Australian law could establish a global precedent, forcing digital platforms to reconsider their content monitoring policies, potentially instigating a significant paradigm shift in the digital world.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Australia’s draconian laws set to shake social media

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年6月27日 20:39
Next 2023年6月27日 23:03

Related articles

  • Virtual assets included in UAE terrorist financing and proliferation red flag list guidance

    TL;DR Breakdown Red flags identified include virtual assets exchanged in territories where sanctioned people have influence or sanctioned jurisdictions. Red flag indicators regarding the use of virtual assets to send funds to a few select wallets at unregulated virtual assets exchanges (or exchanges in territories where sanctioned people have influence or sanctioned jurisdictions). Description In September 2023, the UAE Executive office for Control and Nonproliferation published a guidance providing consolidated list of terrorist financing (TF) and proliferation financing (PF) red flags that include provisions related to virtual assets. According to the published document, the purpose is to provide a consolidated list1 of Terrorist Financing (TF) and Proliferation Financing (PF) … Read more In September 2023, the UAE Executive office for Control and Nonproliferation published a guidance providing consolidated list of terrorist financing (TF) and proliferation financing (PF) red flags that include provisions related to virtual assets. According to the published document, the purpose is to provide a consolidated list1 of Terrorist Financing (TF) and Proliferation Financing (PF) red flags that aim to assist financial institutions (FIs), designated non-financial businesses &…

    Article 2023年9月9日
  • Tech titans scramble: EU digital rules prompt online overhauls

    Description The digital landscape is in the midst of a seismic shift. As the clock ticks down to the enforcement of the EU’s groundbreaking Digital Services Act (DSA), the world’s most formidable online powerhouses have been burning the midnight oil. The imminent EU regulations have spurred them into a frenzy of adjustments, throwing their earlier business … Read more The digital landscape is in the midst of a seismic shift. As the clock ticks down to the enforcement of the EU’s groundbreaking Digital Services Act (DSA), the world’s most formidable online powerhouses have been burning the midnight oil. The imminent EU regulations have spurred them into a frenzy of adjustments, throwing their earlier business models into question and heralding a new era for online content management. Upending Online Norms Gone will be the days of unrestricted personalized advertising based on gender, religion, or sexual orientation. The DSA is pushing tech giants to reconsider their ad targeting methods. Platforms like Instagram, Google, and TikTok now shoulder unique responsibilities under these new regulations, effectively redefining the way the internet functions for millions….

    Article 2023年8月26日
  • Arthur Hayes Predicts Bitcoin’s Future, Expects Market Boom in 2024

    TL;DR Breakdown BitMEX CEO Arthur Hayes predicts a market boom for Bitcoin in 2024 but warns about potential challenges due to geopolitical tensions, foreseeing a possible market collapse in 2025-2026. Hayes discloses his investment in PEPE Coin, a meme coin that gained significant attention in the crypto market, showcasing the growing influence of meme coins and their impact on price movements. In a recent episode of the What Did Bitcoin podcast, Arthur Hayes, the CEO of BitMEX, shared his insights on the future of Bitcoin and the broader cryptocurrency market. While Hayes acknowledged that Bitcoin might not reach the highly anticipated $70,000 mark in 2023, he expressed optimism for a potential market boom in 2024. According to his predictions, the year 2024 could be a significant turning point for the crypto market, potentially leading to a breakthrough in Bitcoin’s price. Hayes emphasized that the crypto industry would greatly benefit from the ongoing trend of exchanges relocating from one country to another. This transition would foster increased awareness and familiarity with Bitcoin and contribute to its overall growth and acceptance. He…

    Article 2023年6月1日
  • FCA takes down illegal crypto ATMs in the UK, issues strong warning

    TL;DR Breakdown FCA disrupts the majority of crypto ATMs and warns users of criminal involvement. Crypto ATM users lack protection, and FCA urges compliance and vigilance. A recent case highlights the risks of crypto scams and impersonation tactics. Description The Financial Conduct Authority (FCA), the renowned financial watchdog in the United Kingdom, announced the disruption of 26 out of 34 cryptocurrency ATMs it inspected. Firmly addressing the UK crypto ATM operators on February 14, the FCA issued a stern warning, clarifying that compliance with legislation or facing closure of illicit activities was the only … Read more The Financial Conduct Authority (FCA), the renowned financial watchdog in the United Kingdom, announced the disruption of 26 out of 34 cryptocurrency ATMs it inspected. Firmly addressing the UK crypto ATM operators on February 14, the FCA issued a stern warning, clarifying that compliance with legislation or facing closure of illicit activities was the only way forward. Responding promptly, the FCA, in collaboration with other law enforcement authorities, launched 36 investigations into cryptocurrency ATMs, exercising their authority under anti-money laundering laws. #Crypto ATMs…

    Article 2023年7月12日
  • Optimism distributes unclaimed tokens from first airdrop, totaling $66.7 million

    TL;DR Breakdown Optimism has directly distributed unclaimed tokens from its first airdrop to eligible addresses, amounting to an equivalent of $66.7 million. The distribution did not significantly impact the market price of Optimism’s governance token, OP, which showed only a 0.5% increase over the past 24 hours. The airdrop announcement led to scam attempts mimicking the new airdrop, prompting Optimism to emphasize its long-term development roadmap for the second-layer network on Ethereum. Description Optimism, a leading Layer 2 network on Ethereum, has completed the direct distribution of unclaimed tokens from its first airdrop, amounting to an equivalent of $66.7 million. The airdrop initially commenced on June 1, 2022, and had successfully distributed 166 million of the nearly 215 million tokens reserved for the airdrop. However, about a quarter … Read more Optimism, a leading Layer 2 network on Ethereum, has completed the direct distribution of unclaimed tokens from its first airdrop, amounting to an equivalent of $66.7 million. The airdrop initially commenced on June 1, 2022, and had successfully distributed 166 million of the nearly 215 million tokens reserved for…

    Article 2023年9月17日
TOP