The parent company is changing its name to reflect a future beyond its troubled social network.
The policy that prevented most cryptocurrencies companies from running ads on its services was reversed by Facebook on Wednesday.
The company, which was called Meta, tried and failed to launch a virtual currency that could be used to send money online to anyone in the world. David Marcus, the head of Facebook's cryptocurrencies efforts, will be leaving the company at the end of the year.
The company used to allow advertisers to submit an application and include any licenses they obtained, whether they were traded on a public stock exchange or not.
The company is increasing the number of licenses it accepts to 27 from 3.
The company said in a statement that it is doing this because the landscape of cryptocurrencies has continued to mature and stable in recent years and there are more government regulations that are setting clearer rules for their industry.
In January of last year, the company banned cryptocurrencies ads, but scaled them back a bit in May. The ban prevented start-ups in the field of cryptocurrencies from reaching potential customers on social media.
Henry Love, a former employee on the small business team at Facebook, said that the company's new policy will allow more retail investors to access cryptocurrencies than ever before.
With more openness and transparency, we will see more adoption of the cryptocurrencies and the metaverse than ever before, said Love, managing partner of Fundamental Labs. This is a game-changer for mass adoption.
Emad Hasan, a former Facebook employee, said that the new policy will be a boon for start-ups working on the technology used to make cryptocurrencies work.
The companies were unable to advertise on Facebook. Hasan is the CEO of a start-up that helps brands target high-value customers on social media. The average person will be able to do this.
Over the last year, Facebook has scaled back its ambitions. Facebook faced backlash after it outlined plans for a currency and a digital wallet in 2019. In October, the company finally released its digital wallet product. Diem is a digital currency that is run by an independent association.
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