Proud For Profits
  • Investing
  • Stock
  • Latest News
  • Economy
  • Investing
  • Stock
  • Latest News
  • Economy
No Result
View All Result
Proud For Profits
No Result
View All Result
Home Stock

Malaysia grants WeChat, TikTok licences to operate under new law

by
January 2, 2025
in Stock
0
Malaysia grants WeChat, TikTok licences to operate under new law

KUALA LUMPUR – Malaysia’s communications regulator said it granted Tencent’s WeChat and ByteDance’s TikTok licences to operate in the country under a new social media law, but that some other platforms had not applied.

The law, aimed at tackling rising cybercrime, requires social media platforms and messaging services with more than 8 million users in Malaysia to obtain a licence or face legal action. It came into effect on Jan. 1.

In a statement on Wednesday, the Malaysian Communications and Multimedia Commission said messaging platform Telegram was in the final stages of obtaining its licence, while Meta Platforms (NASDAQ:META), which owns Facebook, Instagram and WhatsApp, had begun the licensing process.

The regulator said X had not submitted an application because the platform said its local user base did not reach the 8 million threshold. The regulator said it was reviewing the validity of X’s claim.

Alphabet (NASDAQ:GOOGL)’s Google, which operates video platform YouTube, had also not applied for a licence after raising concerns about the video sharing features of YouTube and its classification under the licensing law, the regulator said. It did not state the concerns or how they relate to the law but said YouTube must adhere.

“Platform providers found to be in violation of licensing requirements may be subject to investigation and regulatory actions,” the regulator said. 

Malaysia reported a sharp increase in harmful social media content in early 2024 and urged social media firms, including Meta and short video platform TikTok, to step up monitoring of their platforms.

Malaysian authorities deem online gambling, scams, child pornography and grooming, cyberbullying and content related to race, religion and royalty as harmful.

The companies do not publish the number of users per country on their platforms.

According to independent data provider World Population Review, WeChat has 12 million users in Malaysia.

Advisory firm Kepios said YouTube had about 24.1 million users in Malaysia in early 2024, TikTok 28.68 million users aged 18 and above, Facebook 22.35 million users, and X had 5.71 million.

This post appeared first on investing.com
Previous Post

SoFi Tech: KBW downgrades to Underperform on doubts over long-term outlook

Next Post

Australia stocks higher at close of trade; S&P/ASX 200 up 0.52%

Next Post
Australia stocks higher at close of trade; S&P/ASX 200 up 0.52%

Australia stocks higher at close of trade; S&P/ASX 200 up 0.52%

Enter Your Information Below To Receive Trading Ideas and Latest News

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    Popular News

    Trump wants to visit China again after he takes office: report

    Trump wants to visit China again after he takes office: report

    January 19, 2025
    Trump inauguration: Who is expected to attend, and who is boycotting?

    Trump inauguration: Who is expected to attend, and who is boycotting?

    January 19, 2025
    The Best Five Sectors, #3

    The Best Five Sectors, #3

    January 19, 2025
    Track all markets on TradingView

    About Proud For Profits

    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Main Categories

    • Investing
    • Stock
    • Latest News
    • Economy

    Latest News

    • Trump wants to visit China again after he takes office: report
    • Trump inauguration: Who is expected to attend, and who is boycotting?
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 proudforprofits.com | All Rights Reserved

    No Result
    View All Result
    • Investing
    • Stock
    • Latest News
    • Economy

    Copyright © 2025 proudforprofits.com | All Rights Reserved