Meta loves cryptocurrency.
For a long time, crypto advertisements on Facebook and Instagram were prohibited.
But now, thanks to Meta, they’re back.
How come you’ve suddenly decided to alter your mind?
Social media platforms like Facebook and Instagram are getting ready for a bitcoin advertising bonanza.
There will be more cryptocurrency advertisements on Facebook and Instagram shortly as Meta softens its position against them.
In a policy change, the corporation has loosened some of its prior limitations, making it easier for bitcoin companies to promote on their social media networks.
But hold on!
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OK, back to the article.
This policy amendment by Meta, the firm that powers several popular social media platforms such as Facebook, Instagram, and WhatsApp, can only be a boon to the cryptocurrency sector going forward.
As opposed to the previous three, there will now be 27 separate licenses considered by Meta.
Also, See: My 10x Crypto Picks for 2022
Because the cryptocurrency market has matured and stabilized over the last few years, Meta noted in a blog post,
“We’re doing this because more government regulators have established clearer guidelines for their business.”
All a crypto corporation needs to advertise on Facebook and Instagram is one of the recently enlarged regulatory licenses.
Existing crypto firms will not be impacted by the recent legislative change, though.
Facebook’s rigorous and unclear qualifying standards, which rely on a variety of factors, will be replaced by the new regulatory licenses (with seemingly different criteria applied to different companies at times).
Previously, companies in the sector had to go through a series of inspections.
They had to submit an application that contained several facts, such as whether or not they were a publicly listed firm, any licenses secured (although only three were approved by Meta), and any pertinent public background information about their company.
While the policy tweak is excellent news for the sector as a whole, it means that crypto firms will be able to advertise on Facebook and Instagram, two of the world’s top social media platforms, which have a far larger reach.
Meta, on the other hand, is apprehensive about allowing some goods and services to be used without prior authorization.
These include mining gear and software, as well as crypto wallets that enable users to purchase, sell, trade, or stake their crypto tokens, among other things.
Pre-approval is also required for crypto exchanges and platforms, software programs, and items that allow crypto lending and borrowing.
There are two reasons why Meta’s policy adjustment on crypto advertisements is welcomed.
Advertising for crypto firms is made easier, and it is also a lot more transparent as a result of this.
It’s unclear, though, what this major shift in strategy means for the business.
More individuals will be exposed to cryptocurrency, which is a positive thing. More people will enter the crypto business as a result of increased awareness.
As a result, although it’s a good thing for the sector that crypto firms can easily advertise on Facebook and Instagram, it’s still not enough.
A step forward for the business, though, is critical to bringing cryptocurrencies to a wider audience.
Of course, one of the biggest obstacles to the widespread acceptance of crypto is the danger of losing money.
As a wrap-up
Even though Meta’s grandiose Libra project was halted by regulatory constraints, the business is still actively engaged in the cryptocurrency market.
For crypto advertising, things have changed somewhat since 2018, though.
This new regulation change on crypto advertisements has made it easier for businesses to promote, and we can only hope that things will continue to improve.
Meta said it will “refine these regulations” as the industry changes. The addition of more supported licenses, as they become available, is one of the modifications it wants to undertake.
The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained in this article constitutes a solicitation, recommendation, endorsement, or offer by me or any third-party service provider to buy or sell any securities or other financial instruments.