Dublin on Monday published binding rules to protect EU users of video-sharing platforms from harmful content, promising to hold companies to account and end the "Wild West" of self-regulation.

The Online Safety Code, applicable from next month, would bring "an end to the era of social media self-regulation", said Ireland's Online Safety Commissioner, Niamh Hodnett.

The finalised code — formally adopted following consultation with the European Commission — will apply to platforms with their EU headquarters in Ireland.

It requires that the platforms "protect people, especially children, from harmful video and associated content".

It will prohibit the uploading or sharing of child sexual abuse and content that incites violence and racism.

The platforms will have a responsibility to stamp out cyber-bullying and to ensure that there are ways for people to report content that breaks the rules.

The code also requires platforms to implement the use of age verification measures to prevent children from encountering pornography or violence.

Companies breaching the rules face fines of up to 20 million euros ($21.7 million) or 10 percent of a platform's annual turnover, whichever is greater.

The obligations will apply from next month, although platforms will have up to nine months to update IT systems.