Benzinga - by Murtuza Merchant, Benzinga Staff Writer.
The Online Safety Bill recently passed its final Parliamentary debate and is set to become law in the U.K.
The move marks a pivotal moment in the nation's approach to online safety and the emerging metaverse.
This latest piece of legislation, likely to be discussed at the upcoming Benzinga's Future of Digital Assets conference on Nov. 14, places stringent duties on social media companies, ensuring they are held accountable for the content they host.
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The bill's scope is comprehensive, covering not only traditional online platforms but also the rapidly evolving metaverse, ensuring that as digital realms expand, safety remains paramount — especially when it comes to protecting children.
Social media platforms that fail to swiftly address and remove illegal content or prevent children from accessing harmful material could face fines in the billions.
In extreme cases, company executives might even face incarceration.
"The Online Safety Bill is a monumental piece of legislation," Technology Secretary Michelle Donelan said. "It not only addresses current online challenges but also anticipates the future, ensuring that the U.K. remains at the forefront of online safety as we venture deeper into the metaverse."
The bill also addresses other pressing online safety issues, such as online fraud and violence against women and girls. It introduces stricter penalties for those sharing intimate images without consent and criminalizes the non-consensual sharing of intimate deepfakes.
Anticipating the bill's enforcement, major social media companies have already begun taking action.
Snapchat has initiated the removal of underage user accounts, and TikTok has bolstered its age verification processes.
These measures indicate a broader industry shift towards compliance and safety, a trend likely to continue as the metaverse becomes more integrated into daily life.
"Today marks a significant milestone in our mission to create a safer online and metaverse experience for all U.K. residents," Ofcom CEO Dame Melanie Dawes said. "We are ready to implement these new laws and set the standards for tech firms."
As the bill transitions into law, Ofcom will spearhead efforts to combat illegal content and prioritize children's safety.
The regulator's consultation process will launch shortly after the bill receives Royal Assent, with a phased approach to its implementation.
The inclusion of the metaverse in the Online Safety Bill underscores the U.K. government's commitment to staying ahead of technological advancements and ensuring that as digital landscapes evolve, user safety remains at the forefront.
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