Meta Platforms (META) is holding discussions with the South Korean government regarding restrictions on adolescent social media usage, Yonhap, a South Korean news agency, reported Thursday, citing Philip Chua, the company's Asia-Pacific general manager for product public policy.

Potential safeguards include capping Facebook and Instagram usage to two hours daily or restricting late-night access, with options under consideration to lower the limit to one hour per app, the news outlet reported.

Chua opposed complete social media bans in favor of parental intervention and uniform industry standards, noting the company has already implemented default "Teen Accounts" in the country, with safety protections enabled by default, Yonhap quoted him as saying.

Yonhap reported that South Korea is considering measures similar to those adopted or proposed in Australia, Canada, Brazil and Indonesia.

Meta Platforms did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)