Meta, formerly known as Facebook, has increased the number of accepted regulatory permits from 3 to 27, in order to run cryptocurrency advertising on its platform. For the first time, the corporation is making this list public with accepted licenses listed on the policy page.
Depending on whether or not previous written consent is required to display ads, the tech giant divides crypto firms into two groups. Crypto-related tax services, news outlets, and educational resources do not require prior clearance, as do crypto wallets that solely let users store assets rather than buy and sell. Approval is only required for cryptocurrency exchanges and trading platforms, as well as full-service cryptocurrency wallets and mining-related hardware and software firms.
Advertisers who needed clearance previously had to provide various pieces of information, including whether they are publicly traded, whether they have obtained any license, and other background information, to evaluate their eligibility. Meta is requiring 1 of the 27 licenses provided by different jurisdictions throughout the world in the future. The Financial Conduct Authority Authorisation in the United Kingdom, as well as the New York State BitLicense, are on the list.
“We’re doing this because the cryptocurrency landscape has continued to mature and stabilize in recent years and has seen more government regulations that are setting clearer rules for their industry,” the Meta for Business team wrote in a blog post.
The move will have no effect on advertisers who had previously been approved. Written pre-approval will still be required for some crypto products and services. Cryptocurrency exchanges and trading platforms, as well as cryptocurrency wallets and mining-related hardware and software are included on the list.
Since the 2018 ad prohibition, Facebook has become more receptive to the crypto business. The following year, Facebook began easing the limits, as well as announcing its stablecoin project (now known as Libra), which is yet to go live.
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