Meta, formerly Facebook, has expanded its terms and conditions for running crypto ads on Facebook, providing more headroom for companies and financial institutions marketing their digital asset products. The social media giant said it is implementing this expansion because “the crypto landscape has matured and stabilized in recent years and has seen more government regulations setting clear rules for their industry.” Meta’s revised eligibility criteria shows that the number of regulatory licenses accepted by the platform has increased from 3 to 27, which will be good news for the crypto industry. Until now, advertisers could submit an application to run ads and include information such as any licenses they have obtained, whether they are trading on a public stock exchange, and other relevant public background on their business.
Following the new update, crypto exchanges and wallets will be eligible to advertise on the platform if they have just 1 out of a possible 27 regulatory licenses. Updated list of eligible licenses publicly available Here,
“Going forward, we will move away from using different prompts to confirm eligibility and will instead require one of these 27 licenses,” Facebook says on an blog post Announcement of major expansion in licenses. Meta said that advertisers who were previously approved will not be affected by this change and that the list of products and services that require pre-approval will not change either.
On its policy page, what types of details Meta now hosts cryptocurrency Products are allowed and not allowed. For example, cryptocurrency exchanges and hardware and software are not allowed for crypto mining, while blockchain-based products and services such as non-fungible token (NFT) and tax services for cryptocurrencies are allowed. Meta also acknowledged in its blog post that there are currently no set and hard rules in the cryptocurrency space.
The change to crypto-related advertising rules comes just as Meta’s marquee crypto-related effort has been undermined. After unveiling plans to create several new digital coins a few years ago, Facebook and its allies had to cut back their plans dramatically following regulatory and congressional scrutiny. Earlier this year, the company launched a pilot program to send remittances using a rival, Existing Coin, a far cry from its initially ambitious plan. Project creator, David Marcus, earlier this week announced that he is leaving the company.