Meta “paved the way” for crypto ads to run on Facebook

 Meta Company says it will allow more crypto and blockchain ads to run on social platforms Facebook (NASDAQ:FB) and Instagram by expanded eligibility terms, giving companies more opportunities to marketing cryptocurrency products.

Meta announced on December 1 that the company will recognize 27 regulatory licenses from advertisers, a multifold increase from the previous 3. This means running ads for more crypto apps will be accepted. The changes are reflected in section 10 of Facebook's updated advertising policy titled "Crypto Products and Services".

Prior to the update, only a small fraction of crypto companies were able to advertise on Facebook as the platform's regulation was relatively narrow in scope. Under the new updated policy, the following crypto products and services can now receive written licenses to run ads on Facebook:

Cryptocurrency Exchanges and Exchange Platforms

Cryptocurrency lending and borrowing services

Cryptocurrency wallet

Cryptocurrency Mining Infrastructure

In addition, products and services related to blockchain technology, crypto news, education, payment methods and goods may be advertised without prior written permission. A spokesperson for Meta confirmed that these changes will also take effect to Instagram, which is owned by the company.

Meta emphasized that the updated policy is a move that reflects the maturity and increased regulation of the crypto industry, specifically stating the following:

“Over the years, the crypto market has matured and stabilized, and experienced increased government regulation, which has helped set clearer responsibilities and expectations for the industry. Going forward, we won't use a variety of constraints to confirm eligibility and will instead require only one of the 27 permits above."

Facebook rebranded itself as Meta in October to reflect its growing ambitions beyond the traditional realm. The company wants to build a metaverse that connects digital social media with the real world.

In the past, Facebook banned cryptocurrency offering and ICO ads in January 2018 because of concerns about fraudulent behavior. About six months later, the company has gradually lifted the ban but maintains a long list of restricted products and services.

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