My contribution will discuss the future of European regulation and transparency of social media platforms based on insufficiency of the self-regulatory approaches applied by the tech giants themselves (e.g. in the case of Code of Practice against Disinformation). Using digital political advertising as example, I will address gaps in the current approach and recommend where additional and more efficient steps should be taken. The intervention will focus primarily on the European Democracy Action Plan (EUDAP) but partially also DSA, which represent a new opportunity for the future of European regulation, if approached right, and for the promotion of the concept of digital sovereignty and standard-setting on the world stage. I will elaborate on wider context of the issue, including the current US state of play, national EU Member States contributions, approaches taken by the social media platforms themselves, and the COVID-19 pandemic and the ongoing “infodemic”.