A sign on Facebook.
The images are by Justin Sullivan.
As the digital asset space expands and regulatory clarity slowly comes about, Facebook is making it easier for companies in the space to run advertisements on its platform.
Meta Platforms, the parent firm of the social media giant, is increasing the number of regulatory licenses it accepts from 3 to 27. The list of eligibility is public on the policy page.
Previously, Facebook required companies that wanted to promote ads for cryptocurrencies to submit an application and include other information, such as whether they had any licenses they obtained or whether they were publicly listed stock.
If the advertiser has one of the eligible regulatory licenses, it will be approved.
"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," Facebook said in a statement.
Advertisers who were previously approved will not be affected by the change.
The company banned all ads related to cryptocurrencies in January of last year in order to crack down on scam artists. In June of last year, Facebook reversed its ban on pre-approved businesses promoting certain services.
In May of this year, Facebook relaxed its ban on ads related tocryptocurrencies, as rumors swirled about its own ambitions in the space, and news leaked out about the efforts of its secretive team. Facebook introduced a new project around the same time.
As the industry changes, we may refine these rules over time.
David Marcus, the executive who helmed Facebook'scryptocurrencies projects, announced his departure Tuesday. Marcus co-created Diem, the company's stalled digital currency.
Business Insider has an original article.
