Don't think Egypt has any media. However, it does have powerful propaganda machines. This law must be part of the propaganda machine, so they can revoke any "media" that doesn't align with Mubarak v2.0 (CC). The people sitting in the Egyptian parliament (does it exist), must have non-positive IQ. It is impossible to enforce law. Register the accounts outside Egypt, or move the hosting oversees, problem solved.
Yes but they ban websites (stated in the article) via ISPs. They previously banned HuffPo and New York Times citing fake news.