Meta, formerly known as Facebook, now makes it easier for companies to run ads promoting cryptocurrencies on their social media platform. The company has expanded the number of accepted regulatory licenses from three to 27 and has released that list for the first time, with the accepted licenses listed on its policies page.
The social media giant noted that it was implementing this expansion as the cryptocurrency landscape continues to mature and stabilize in recent years and is witnessing more government regulations that are setting clear rules for the industry.
According to the cryptocurrency news outlet Meta, crypto wallets now do not require any approval to run ads. However, cryptocurrency exchanges, which make it easy for users to buy and sell cryptocurrencies, would still require Meta's approval to run ads.
Previously, cryptocurrency advertisers had to submit a request to run ads that included information such as the licenses they obtained, whether these licenses are traded on a public stock exchange, and other relevant information about their business.
However, after the new update, cryptocurrency exchanges and wallets will now qualify to advertise on the platform, even if they hold only 1 of the 27 potential regulatory licenses. The 27 licenses include those issued by regulators in the US, Australia, Austria, Canada, Estonia, Finland, France, Germany, Hong Kong, Indonesia, Japan, Luxembourg, Malaysia, the Netherlands, Norway, the Philippines, Singapore, Korea South, Sweden, Thailand, United Arab Emirates and United Kingdom
"In the future, we will stop using a variety of signals to confirm eligibility and will instead apply for one of these 27 licenses," Facebook announced in a blog post.
It should be noted that advertisers who were previously approved will not be affected by this change.
This development comes a day later Meta executive David Marcus said he will resign and leave the company. Marcus was leading Facebook's crypto efforts, including a crypto wallet and the digital currency Diem, formerly known as Libra.
