HomeTop Global NewsTech Giants Ask Malaysia to Rethink Its Social Media License Plans

Tech Giants Ask Malaysia to Rethink Its Social Media License Plans

The Asia Internet Coalition (AIC), which consists of tech giants like Google, Facebook, and Instagram parent Meta, X (former Twitter), and LinkedIn, is asking the Malaysian government to rethink its previously announced plans for the introduction of social media licenses.

Earlier this month, the Malaysian Communications and Multimedia Commission (MCMC) shared plans to impose regulation changes that would require social media services and internet messaging services to apply for a license to continue operating in the country. The enforcement was scheduled for January 1, 2025.

Explaining the decision, MCMC said it strives to create a “safer online ecosystem and a better user experience.” However, the move attracted some criticism, including the argument that the government is trying to stifle freedom of speech.

Now, AIC is putting more pressure on MCMC to pause its social media license plans. In a letter sent on Friday, AIC said that the requirement would cause “unworkable” conditions for the industry while also hampering innovation opportunities. It also criticized the lack of consultations and said the plan brings uncertainty about the obligations of companies affected by it.

AIC proposed a delay of enforcement in order to give social media platforms more time to understand the plan and get much-needed clarity.

“No platform can be expected to register under these conditions,” AIC Managing Director Jeff Paine stated.

Federal Reserve Keeps Interest Rates Intact, But Still Predicts Two Cuts in 2025

The Federal Reserve announced it will keep its benchmark interest rates intact after a Federal Open Market Committee meeting on Wednesday. However, the officials...

China’s EV Giant BYD is Considering Building a New Factory in Germany

China’s electric vehicle giant BYD is currently considering building a new factory in Germany according to a report by Reuters. The move is part...

Gold Reaches $3,000 for First Time Ever as Investors Flock to Safe-Haven Assets

Gold continued its rise in the past week, surpassing the price of $3,000 per ounce for the first time ever. The push is credited...