The law was enacted weeks after top Bangladeshi journalist and activist Shahidul Alam was arrested during massive student protests in the capital Dhaka for making false and provocative statements on Al Jazeera and Facebook Live.
He says the government will not be involved in the process and has left it to media practitioners to jointly discuss the matter.
The Centre for Independent Journalism says it will be difficult for journalists to behave ethically as long as the Printing Presses and Publications Act is still in force.
This after the prosecution withdraws the charges against Steven Gan and Premesh Chandran.
Editor-in-chief Leanne Goh Lee Yen and executive editor Dorairaj Nadason have been suspended from their duties pending investigations into Saturday's front page bungle.
A weakened economy means many media outlets are not hiring, leaving many who have been retrenched in a quandary.