Facebook CEO Mark Zuckerberg told global leaders and security officials on Saturday that online content should be regulated with a system somewhere between the existing rules for the telecoms and media industries. While talking at the Munich Security Conference in Germany, Zuckerberg agreed that his company should be regulated when it comes to harmful content on its social networks. 

A new framework is essential for doing so that places Facebook somewhere between an editor and a utility company in terms of responsibility, he said. During a question and answer session, he stated, “Right now there are two frameworks that I think people have for existing industries — there’s like newspapers and existing media, and then there’s this telco-type model, which is ‘the data just flows through you,'”

 “But you’re not going to hold a telco responsible if someone says something harmful on a phone line.”

Facebook “should be somewhere in between,” Zuckerberg added, as per a report. Facebook and several other social media giants like Google, Twitter have faced the pressure to improve combat governments and political groups using their platforms to spread false and misleading information. 

In November, just before the United States presidential election, Facebook says it has invested a lot in the fight against misinformation, and about 35,000 people are working on security issues. The large team, along with Facebook’s automated technology can detect and suspend more than 1 million fake accounts each day, he said, adding that “the vast majority are detected within minutes of signing up.”

“Our budget is bigger today than the whole revenue of the company when we went public in 2012 when we had a billion users,” the Facebook boss said.

“I’m proud of the results, but we will definitely have to stay vigilant,” he stated.

Facebook, Amazon, Google, and several other crucial digital technology companies were accused of not paying what is perceived as their share of taxes on their earnings on companies where they have physical headquarters.

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