Meta is expanding its list of possible licenses advertisers can have to advertise crypto-related products or services.
Starting Wednesday, Meta is easing the criteria for companies to run ads about cryptocurrency on the platform, expanding the number of eligible regulatory licenses from 3 to 27.
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Before this policy update and since 2018, brands and companies wishing to run ads related to cryptocurrencies had to provide information about their business, like whether they are traded on a public stock exchange, etc., and demonstrate that they own any of three types of licenses.
The company explains its decision to extend the number of eligible licenses to 27, explaining that “over the years the cryptocurrency landscape has matured and stabilized and experienced an increase in government regulation, which has helped to set clearer responsibilities and expectations for the industry.”
The policy change will allow more brands and small businesses to grow and will not impact advertisers who were already approved. Apart from requiring at least one of the 27 listed licenses, Meta still expects companies to submit the same information it listed back in 2018.
This applies to software apps, cryptocurrency exchanges, and trading platforms selling any trading, borrowing, or lending instruments involving cryptocurrency assets. Cryptocurrency wallets that allow people to buy sell, swap, or stake their cryptocurrency tokens are also subject to the policy, as are hardware and software designed for cryptocurrency mining.
As the cryptocurrency industry continuously evolves, Meta does not rule out that it may “refine these rules” over time. One of the changes it foresees, for example, could be “adding eligible licenses to the list as they become available and after we have reviewed them.”
Meta has enforced rules and policies to protect its users from misleading and harmful ads for some time, as scams also plague multiple other platforms.
In 2018, Facebook cracked down on ads related to “misleading or deceptive promotional practices” by banning all ads promoting binary options, ICOs, and cryptocurrencies and requiring written approval to advertise cryptocurrency products and services on its platforms.
In the following year, Facebook then eased its policy and removed ads related to blockchain technology, industry news, and education or events around cryptocurrency from the list of those that needed to pass the pre-approval requirement.
Photo by Behnam Norouzi on Unsplash
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