Not sure if the legislation is good or bad. Time will tell.

Two things are clear though. The large social media platforms are worth billions of dollars and can afford to self regulate. Also they extensively profile users to sell the data, sell targetted advertising and serve targetted content that will keep people engaged (addicted).

I don’t know if they really need age verification when they know all your friends, interests and shopping habits. Their algorithms know you are an Australian teenager as that knowledge is their product.

Hopefully the fediverse and non profit sites don’t get caught up in this.