Meta relaxes Facebook’s cryptocurrency advertising policy-saying that cryptocurrencies continue to be “mature and stable”-Bitcoin Featured News
Meta, formerly Facebook, has relaxed its cryptocurrency advertising policy, making it easier for the company to run encrypted ads on its platform. The company explained: “We did this because the cryptocurrency sector has continued to mature and stabilize in recent years, and we have seen more government regulations set clearer rules for its industry.”
Meta’s new rules for cryptocurrency advertising
Meta, formerly Facebook, announced new rules for cryptocurrency advertising on Wednesday.
The company no longer “uses various signals to confirm eligibility” to advertise on its platform, but increased the number of regulatory licenses it accepts from 3 to 27. Now, companies only need to have one of the 27 licenses to be eligible to advertise on Facebook.
“We make it easier to place advertisements about cryptocurrencies on our platform,” Meta emphasized, adding:
We did this because the cryptocurrency field has continued to mature and stabilize in recent years, and we have seen more government regulations set clearer rules for its industry.
These 27 licenses include those from the United States, Australia, Austria, Canada, Estonia, Finland, France, Germany, Hong Kong, Indonesia, Japan, Luxembourg, Malaysia, the Netherlands, Norway, the Philippines, Singapore, South Korea, Sweden, Thailand, the United Arab Emirates and the United Arab Emirates. U.K
In some jurisdictions, more than one type of license is accepted. For example, in the United States, companies only need to register as a money service company with the Financial Crime Enforcement Network (FinCEN) or obtain a Bitlicense issued by the New York Department of Financial Services.
Noting that this change will not affect previously approved advertisers, the social media giant elaborated:
This change will help make our policies more fair and transparent, and allow more advertisers (including small businesses) to use our tools and grow their businesses.
Meta clarified that encryption platforms, software applications and products used for exchange, trading, lending and lending still require prior written permission. “Cryptocurrency wallets that also allow people to buy, sell, exchange or mortgage their cryptocurrency tokens” and “hardware and software for cryptocurrency mining” are also included.
The advertisement change announcement was made one day after Meta’s executive David Marcus announced that he would step down and leave the company at the end of the year. Marcus leads Facebook’s encryption work, including encrypted wallets and digital currency diem, formerly known as Libra.
What do you think about Meta’s relaxation of Facebook’s encryption advertising rules? Please let us know in the comments section below.
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