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Facebook to now allow more cryptocurrency ads than before; here's why

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Facebook has announced that it is expanding the number of regulatory licenses it accepts from three to 27, which marks a major leap in the company's stance.

Facebook parent Meta has announced that it is making some changes to its ad policies, and will now allow most cryptocurrency companies to run advertisements on its services. This news comes after the head of Facebook's cryptocurrency efforts, David Marcus, announced that he will be leaving the company at the end of the year. Also Read - Twitter finally makes Communities available on Android

Earlier, the company stated that advertisers can submit an application with all of the licenses they have obtained, after which it will decide if they can run adverts or not. Now, the company has announced that it is expanding the number of regulatory licenses it accepts from three to 27. However, the company will continue to reject cryptocurrency ads from companies that do not submit at least one of the 27 regulatory licenses currently being accepted by it. Also Read - Crypto.com CEO confirms major data breach: Here’s what we know so far

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"We're doing this because the cryptocurrency landscape has continued to mature and stabilize in recent years and has seen more government regulations that are setting clearer rules for their industry," the company said in a statement.

To recall, the company had banned cryptocurrency ads in January 2018. However, in May 2019 it did ease off some of the restrictions. The ban prevented start-ups in the cryptocurrency and blockchain fields from advertising on Facebook and Instagram.

The new crypto policy is being praised by many, stating that this will allow more retail investors to access cryptocurrencies. Many are also saying that this will help with the adoption of cryptocurrency in the metaverse that Meta is trying to build.

Facebook seems to have scaled back on its own ambitions in the cryptocurrency industry. Then known as Libra, Facebook's Diem faced stiff backlash from lawmakers and regulators worldwide after the company outlined its plans for a currency and a digital wallet back in 2019. Diem is now operated by an independent association, which is unreleased to the public. The company did release its digital wallet product, Novi, in October.

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Published:Thu, December 02, 2021 9:22pm | Updated:Thu, December 02, 2021 9:25pm

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