SYDNEY (Reuters) – Australia said it would establish the world’s first dedicated office to police Facebook Inc (FB.O) and Google (GOOGL.O) as part of reforms designed to rein in the U.S. technology giants, potentially setting a precedent for global lawmakers.
The move tightens the regulatory screws on the online platforms, which have governments from the United States to Europe scrambling to address concerns ranging from anti-trust issues to the spread of “fake news” and hate speech.
Australian Treasurer Josh Frydenberg said the $5 billion fine slapped on Facebook in the United States this month for privacy breaches showed regulators were now taking such issues extremely seriously.
“These companies are among the most powerful and valuable in the world,” Frydenberg told reporters in Sydney after the release of a much-anticipated report on future regulation of the dominant digital platforms.
“They need to be held to account and their activities need to be more…
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