This question was answered on 2nd February 2015
The Government has not taken any steps to regulate social media providers beyond the basic provision of the criminal law. The open nature of the Internet has been central to its ability to deliver innovative services that consumers want and need, and we believe it is important that this should continue. We do, however, expect social media companies to act responsibly towards their consumers and have encouraged them to put robust processes in place, including having clear and easy to use reporting buttons, and to act promptly when abuse is reported.