Meta, previously Facebook, has eased its cryptocurrency marketing policy, making it easier for businesses to run crypto ads on its platform. "We're doing this because the cryptocurrency ecosystem has continued to mature and stabilize in recent years, with more government regulations creating clearer norms for their industry," according to the company.
Meta's New Cryptocurrency Advertising Rules
Meta, formerly known as Facebook, unveiled new cryptocurrency advertising regulations on Wednesday. The corporation has expanded the number of regulatory licenses it accepts from three to 27 instead of "using a variety of signals to ensure eligibility" for advertising on its platform. Businesses can now advertise on Facebook with just one of the 27 licenses available.
"On our platform, we're making it easy to run ads about cryptocurrencies," Meta said, adding:
We're doing this because the cryptocurrency landscape has matured and stabilized in recent years, with more government legislation establishing clearer guidelines for the business.
The licenses were issued by regulators in the United States, Australia, Austria, Canada, Estonia, Finland, France, Germany, Hong Kong, Indonesia, Japan, Luxembourg, Malaysia, Netherlands, Norway, Philippines, Singapore, South Korea, Sweden, Thailand, United Arab Emirates, and the United Kingdom, among others.
Multiple license types are accepted in some areas. Businesses in the United States, for example, just need to be registered as a money service business with the Financial Crimes Enforcement Network (FinCEN) or have a Bitlicense granted by the New York Department of Financial Services.
The social media behemoth explained that the adjustment has no bearing on previously approved advertisers:
This change will assist to make our policies more egalitarian and transparent, as well as allow more advertisers to participate. Small firms, in particular, are encouraged to use our tools to expand their operations.
For crypto platforms, software apps, and products for exchanging, trading, lending, and borrowing, Meta reiterated that previous written consent is still required. "Cryptocurrency wallets" and "hardware and software for cryptocurrency mining" are also covered.
The ad modification came just one day after Meta's executive David Marcus announced his resignation and departure at the end of the year. Marcus is in charge of Facebook's crypto operations, which include a crypto wallet and the diem (previously libra) digital currency.
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