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The law could force social media companies to remove illegal content and sign a code of conduct protecting vulnerable users.
The proposed crackdown will be announced Tuesday by Digital Minister Margot James, reported the Daily Mail.
Her speech comes after the death of 14-year-old Molly Russell, whose family discovered that she had watched social media content related to anxiety, depression, self-injury and self-harm. suicide before committing suicide in November 2017.
Ms. James will deliver a speech at a conference on the occasion of Safer Internet Day: "The tragic death of Molly Russell is the latest consequence of a social media world that behaves as if it was above the law.
"There is far too much intimidation, abuse, misinformation as well as serious and organized online crime. For too long, the response of many large platforms has been insufficient.
"We are working on the release of the final guidance document and consultation before introducing a new regulatory regime.
"We will introduce laws that require social media platforms to remove illegal content and give priority to protecting users beyond their business interests."
A spokesman for the Department of Digital, Culture, Media and Sport said: "We have heard calls for an Internet regulator and the legal duty of care imposed on platforms, and we are seriously considering all the options.
"Social media companies need to do more to ensure they do not promote harmful content to vulnerable people. Our next white paper will outline their responsibilities, how they should be carried out and what should happen if they are not. "
This comes as the Minister of Suicide Prevention prepares to warn that the standardization of self-harm content and online suicide poses a risk similar to that of grooming children.
Jackie Doyle-Price is expected to call social media companies to take action to protect users from the impact of harmful content at a conference in London on Tuesday.
Ms. Doyle-Price will say, "We need to look at the online impact of harmful suicide and self-destructive content … by normalizing it, it sounds like a grooming effect.
"We've embraced the liberal nature of social media platforms, but we need to protect ourselves and our children from damage that can be caused by both content and behavior."
Doyle-Price Should Tell National AIDS Suicide Alliance Conference That Internet and Social Media Providers Must "Take Responsibility to Protect Users" While Government Contemplates Stricter Regulation .
The minister's comments come before a meeting with Facebook to discuss what the company is doing to combat harmful online content.
Doyle-Price will echo the recent warning from Health Secretary Matt Hanbad that the government is ready to introduce new legislation "where appropriate" to tackle the problem.
"If companies can not behave responsibly and protect their users, we will legislate," she says.
"Providers should want to do that. They should not wait for the government to tell them what to do. That says a lot about corporate values if they do not act voluntarily. "
In January, Hanbad called on internet giants to "purge" content on the Internet that encourages self harm and suicide, following Molly's death.
The teenager's father, Ian Russell, said he had "without a doubt Instagram to help kill my daughter."
Mr. Hanbad is scheduled to meet with Instagram officials on Thursday to understand how he is tackling harmful content online.
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