Meta, previously known as Facebook, has announced Wednesday new rules regarding cryptocurrency advertising.
Instead of accepting ‘a variety of signals to verify eligibility’ to advertise on its platform, the company now accepts 27 regulatory licenses. To advertise on Facebook, businesses need only one of the 27 licenses.
Meta stated, “We make it easier to run advertisements about cryptocurrency on our platform,” adding:
This is because the cryptocurrency industry has been maturing and stabilizing in recent years. We are also seeing more government regulations which have established clearer rules for their sector.
These licenses are issued by authorities in the U.S., Australia and Canada, Estonia, Finland. France, Germany. Hong Kong, Indonesia. Japan. Luxembourg. Malaysia. Netherlands. Norway. Philippines. Singapore. South Korea. Sweden. Thailand.
Some jurisdictions accept more than one type of license. In the United States, for example, businesses need only to register with the Financial Crimes Enforcement Network, (FinCEN), as money service business, or obtain a Bitlicense from the New York Department of Financial Services.
The social media giant noted that this change will not affect advertisers who have been approved before.
This will make our policy more transparent and equitable, and it will allow advertisers to use our tools to grow their businesses.
Meta clarified that crypto platforms, software apps, as well products for exchanging and trading, lending and borrowing, require prior written permission. “Cryptocurrency wallets” that allow users to trade, buy, or swap their cryptocurrency tokens are included. Also, “Hardware and software used for cryptocurrency mining” is also included.
The announcement of the ad changes came just one day after Meta’s executive David Marcus announced that he would be stepping down from the company and will leave it at the end the year. Marcus is responsible for Facebook’s crypto efforts. He also oversees the digital currency diem and a crypto wallet.