According to Bloomberg News, Meta Platforms Inc, which is the parent of Facebook and Instagram is making it simpler for the companies that intend to run advertisements for promoting cryptocurrencies on the social media pages as the regulations related to the digital coins’ landscape change.
Earlier, when marketers wanted to promote or advertise cryptocurrencies or any business related to the same, were required to submit an application that also included licenses that they have obtained and also provide information on whether they trade on any stock exchange or not among other details that they had to furnish. Now, the company has said that it is ready to accept an advertisement the advertisers like crypto wallets or exchanges possess at least one of the 27 valid regulatory licenses.
Advertisements from those parties that put up ads related to crypto will continue to enjoy exemptions from having to seek permission or pre-approval. Following the downsizing of Meta’s marquee which is crypto-related, the change in ad rules is taking place.
Bloomberg News also reports that Facebook and its partners had unveiled its plans to develop a series of digital coins at least two years ago but had to downsize or scale back their plans due to several congressional and regulatory scrutiny.
At the beginning of this year, the company set up a pilot program for sending remittances making use of a rival and existing coin, which is a distant effort from the initial plans at the beginning. The creator of the project, David Marcus said on November 30th that he is quitting the company.
Meta’s stand on crypto advertisements has undergone dramatic changes over the years as the regulators have offered much clarity and identified the bad players. In early 2018, Facebook used to block ads that showed crypto coins or digital coins after a lot of investors and consumers were scammed. June of the same year, Facebook started allowing advertisers’ ads after they received prior written approval. In May 2019, the company no longer required pre-approvals for these ads related to blockchain technology, crypto events, education, and industry news.
The company said in a blog post that “This change will help make our policy more equitable and transparent and allow for a greater number of advertisers, including small businesses, to use our tools and grow their business”.
Bloomberg News reports that advertisers that were approved earlier will not be impacted by the change that has been brought about. Meta will, however, still need the prior written permission for advertisers that are trading platforms for cryptocurrency or cryptocurrency exchanges, the companies that are engaged in borrowing and lending of digital currency, and crypto-wallets, companies that advertise software and hardware for mining, and trading or staking.
