Facebook Eases Out Policies Around Cryptocurrency Marketers
Key Points:
- Facebook announced that it will ease out the long-standing policies around cryptocurrency marketers.
- Previous policies prevented cryptocurrency firms from running advertisements on Facebook’s services.
- The announcement comes shortly after the social media giant failed in its attempt to launch a cryptocurrency.
- The new policy could be a turning point for the crypto landscape as it will give retail investors access to a host of cryptocurrencies.
Facebook, the leading social media company, has decided to roll back its stringent policy around cryptocurrency marketers. As the company eases out its long-standing policies, crypto marketers will be allowed to run ads on Facebook’s services.
This decision comes shortly after the company failed to launch its own cryptocurrency. The company’s cryptocurrency would allow users to send money online to anyone across the world with Facebook’s products.
David Marcus, Head of Facebook’s cryptocurrency arm is set to part ways with Facebook at the end of the year.
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Facebook’s crypto policy – then vs now
The new policy will provide huge relief to advertisers. Previously, advertisers had to submit an application that included a long list of ‘must-haves. Advertisers had to provide clarity on the licenses they have obtained, their business background, and whether they are a public listed company.
Things are about to change in that regard. The company will now accept 27 regulatory licenses instead of 3.
The company, in a statement, said that it is making these changes due to the evolving cryptocurrency landscape and the stability levels the industry has attained. Besides, more and more governments are creating clearer rules and regulations for their industry.
Facebook, which has recently changed its name to Meta, had banned cryptocurrency ads on its platforms in January 2018. However, the ban was scaled back in May 2019. The ban was a huge setback for small crypto firms and startups as it prevented them from promoting their services on Instagram and Facebook.
Facebook’s crypto ambitions
Facebook has phased down its own plans in cryptocurrency over the past year. The company laid down plans for a digital wallet and a cryptocurrency in 2019. However, it faced criticism from regulators and lawmakers across the globe.
In October 2021, the company released a digital wallet called Novi. However, currently, the digital currency which is now named Diem is operated and run by an independent company and is not available to the public.
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