IPA: /ˌdɛrɪˈɡjʊleɪʃən/
KK: /dɪˌrɛɡjʊˈleɪʃən/
The act of removing rules or restrictions, especially those set by the government, to allow more freedom in business or economic activities.
The government is considering deregulation to encourage more competition in the market.
Deregulation → It is formed from "de-" (meaning removal or reversal) and "regulatio" (from Latin, meaning regulation or rule). The word "deregulation" means the removal of rules or regulations that govern an activity or industry.
Think of 'removing' ('de-') the 'rules' ('regulatio') that control something — that's what deregulation means.