Meta loosens the cryptocurrency advertising guideline from Facebook-says that Krypto continues to ripen and stabilize-
Meta loosens the cryptocurrency advertising guideline from Facebook-says that Krypto continues to ripen and stabilize-
Meta, formerly Facebook, has loosened its guidelines for cryptocurrency advertising, which makes it easier to use crypto advertising on its platform. "We do this because the cryptocurrency landscape has been matured and stabilized in recent years and more state regulations have been seen that determine clearer rules for their industry," said the company.
metas new rules for cryptocurrency advertising
Meta, formerly known as Facebook, announced new rules for advertising in cryptocurrencies on Wednesday.
Instead of using "a variety of signals to confirm the authorization for advertising on its platform", the company increased the number of accepted official licenses from three to 27. Now companies only need one of 27 licenses to be entitled to advertise on Facebook.
"We make it easier to switch on cryptocurrencies on our platform," emphasized Meta and added:
We do this because the cryptocurrency landscape has been matured and stabilized in recent years and more state regulations have been seen that determine clearer rules for your industry.
The 27 licenses include those that are those of supervisory authorities in the USA, Australia, Austria, Canada, Estonia, Finland, France, Germany, Hong Kong, Indonesia, Japan, Luxembourg, Malaysia, the Netherlands, Norway, the Philippines, Singapore, South Korea, Sweden, Thailand, united Arab Emirates and Great Britain
In some jurisdiction, more than a license type is accepted. In the United States, for example, companies only have to register as a cash service company at the Financial Crimes Enforcement Network (fincen) or have received a bit license issued by the New York Finance Department.
The social media giant found that the change has no effect on previously approved advertisers, and explained:
This change will help to make our guidelines more fair and transparent and to enable a larger number of advertisers, including small companies, to use our tools and to expand their business.
META made it clear that for crypto platforms, software apps and products for exchange, trade, rental and borrowing, prior written approval is still required. "Cryptocurrency wallets that also enable people to buy, sell, exchange or invest their cryptocurrency tokens" and "Hardware and software for cryptocurrency mining" are also included.
The announcement of the advertising change was made a day after meta manager David Marcus announced that he would step down and the company will leave at the end of the year. Marcus heads the crypto efforts of Facebook, including a crypto wallet and the digital currency diem, formerly scale.
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