Based on a quick Google, they exempted memes and GIFs under parody, so it’s not that bad. That said, I’m not aware of the other deatails, so maybe it’s actually still terrible. Was Brexit about the UK trying to save its memes?
Though what I’m truly worried about, is if A). The upload filters will be all fucked up and accidentally fuck up the internet beyond repair, and B) It will ban copyrighted images from IMDB and Wikipedia (though maybe not wikipedia as it has the ‘fair use’ liscence