Meta, formerly known as Facebook, is now making it easier for companies to run advertisements promoting cryptocurrencies on its social media platform. The company has expanded the number of accepted regulatory licenses from three to 27 and has made that list public for the first time, with the accepted licenses appearing on its policy page.
The social media giant noted that it was implementing this expansion as the cryptocurrency landscape continues to mature and stabilise in recent years and witness more government regulations that are setting clear rules for the industry.
According to Meta, cryptocurrency news outlets, crypto wallets now do not require any approval to run advertisements. However, cryptocurrency exchanges, that facilitate users to buy and sell cryptocurrencies would still require approval from Meta to run advertisements.
Previously, cryptocurrency advertisers had to submit an application to run ads that included information such as any licenses they obtained, whether these licenses are traded on a public stock exchange, and other relevant information of their business.
However, after the new update, cryptocurrency exchanges and wallets will now qualify to advertise on the platform even if they possess just 1 of a potential 27 regulatory licenses. The 27 licenses include those issued by regulators in the U.S., 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 U.K.
“Going forward, we will be moving away from using a variety of signals to confirm eligibility and instead requiring one of these 27 licenses,” Facebook announced in a blog post.
It should be noted that advertisers who were previously approved will not be impacted by this change.
This development comes one day after Meta’s executive David Marcus said he is stepping down and leaving the company. Marcus was leading Facebook’s crypto efforts, including a crypto wallet and the digital currency Diem, formerly known as Libra.