The rules and restrictions for running crypto ads on Facebook have been amended by Meta, previously Facebook, giving businesses and financial institutions greater leeway in marketing their digital asset goods. Because the “cryptocurrency market has continued to mature and stabilise in recent years, and has seen more government legislation that are defining clearer norms for their business,” the social media behemoth said it was expanding.
The number of regulatory licenses accepted by Meta has increased from three to twenty-seven, which is good news for the cryptocurrency business. Previously, marketers could apply to run advertising and add details such as any licenses they had, if they were traded on a public stock exchange, and other relevant public information about their company.
Crypto exchanges and wallets will be eligible to advertise on the site after the latest upgrade if they hold just one of the available 27 regulatory licenses. The most recent list of acceptable licenses may be found here.
“In the future, we’ll stop utilising a variety of signals to validate eligibility and instead require one of these 27 licences,” Facebook writes in a blog post announcing the licensing extension. Advertisers who have previously been authorized would be unaffected by the change, and the list of products and services that require pre-approval will remain the same, according to Meta.
Meta has updated their policy page to provide information on which sorts of bitcoin items are permitted and which are not. Bitcoin exchanges and mining gear and software, for example, are prohibited, although blockchain-based products and services such as non-fungible tokens (NFTs) and cryptocurrency tax services are permitted. Meta noted in its blog post that there are presently no clear and fast laws in the bitcoin field.
The shift in crypto-related ad regulations comes as Meta’s flagship crypto-related initiative is being scaled back. Following an assault of regulatory and legislative scrutiny after announcing intentions to develop a flurry of new digital currencies a few years ago, Facebook and its partners have had to drastically scale back their plans.
The business started a test program earlier this year to transfer remittances using a competitor, an existing coin, which is a long cry from its original grandiose aim. David Marcus, the project’s inventor, announced his departure from the firm earlier this week.