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Facebook rebranded into Meta in October, triggering major gains for tokens and projects associated with the metaverse. The company has announced that it will increase the range of cryptocurrency ads eligible to run on the platform.
Meta has stated that it will increase the number of regulatory licenses accepted by the company. Initially, the number of licenses was capped at 3, but it has stated it will now accept 27 licenses, and the same has been updated on its policy page.
The crypto sector has grown over the years, and digital assets are now becoming mainstream. In the announcement, Meta stated that the new policy will make it easier for crypto-based firms to run ads on the platform.
the post read in part.
Moreover, meta states that this new policy will make the platform “more equitable and transparent” to help more crypto firms, including small firms, to reach a larger audience and target more potential clients.
Before this change, advertisers needed to fill an application form and offer information, including the obtained licenses. However, Meta now notes that the crypto landscape has changed over the years and that the increased government regulations have helped stabilize the industry.
The announcement also adds that the advertisers already running ads on the platform will not be affected by the change. Moreover, the policy regarding the list of products and services that need pre-approval will also not be changed.
The move of Meta to expand the eligibility of its crypto ads is quite surprising, given the shaky crypto regulatory framework in the US. The US Securities and Exchange Commission (SEC) has been advocating for a clear regulatory framework, and it is even working with the US Treasury, the US Congress, and other bodies to develop a clear crypto regulatory space.
Facebook’s rebrand into Meta was not the only move this tech giant firm has made to endorse cryptocurrencies. The recent rebrand was aimed at bringing the tech firm closer into the metaverse, an area that has become highly popular, and it is attracting the attention of other technology firms such as YouTube.
The metaverse is a virtual world that allows people to conduct their daily activities but virtually. The metaverse is a concept that was adopted during the early 21st century, but it has only become popular now because of the growing use of blockchain technology and cryptocurrencies.
In 2018, Facebook, which is now Meta, banned ads related to Initial Coin Offerings (ICOs). The company stated that these ads had “deceptional promotional practices.” Facebook had also engaged in the Libra project that was heavily criticized, with regulators stating that it posed a risk to the financial system.
Facebook is also working on developing the “NOVI” wallet. Recently, the lead developer for this project, David Marcus, stated that he was resigning from the project and focusing on other projects.
Facebook is already facing issues with regulators regarding its NOVI wallet, given that the company has a controversial past regarding user privacy.