The regulations aligned with social media and freedom of speech on social media have been explored initially. Contemplating the key legal entities with the Information Act and the Media Act and their implications on the social media operations has been explored within this scenario as well. It is highly essential to analyse the impact of challenging factors for social media platforms in terms of implementing legal regulation and managing free to speech for users. The challenging factors are a higher rate of cyber-crimes, violence, hate speech, harassment and crossing ethical lines. Due to this reason this is difficult to balance between legalisation and freedom of speech. The major effective mitigating strategies are developing clear prohibitions and regulations of social media and enhancing awareness among users.