Up until Wednesday, Facebook had an established policy that had prevented crypto businesses from running their ads on the platform. Now, the company has reversed this ban, paving the way for more crypto acceptance.
Facebook, which has now been renamed as Meta, had tried but failed to launch a cryptocurrency that people could use to transfer money online to their friends, family, and businesses all across the world through Facebook products.
The company had mentioned that interested advertisers could submit their application, which would include information about licenses they have gathered, the background of their business, as well as their history of trading on public stock exchanges.
As of now, Meta requires advertisers to submit up to 27 regulatory licenses as compared to the previously required 3. The reason for the same is the increase in the number of government regulations that have cropped up over the years in the crypto space. Facebook would also reject applications that does not include even one of the required 27 licenses.
Facebook representatives believe that the new move will prove to be a boon for the crypto industry, allowing many more investors in retail to have access to cryptocurrency. Additionally, such a move will also be a huge plus for the many startups that are partaking in developing blockchain, which is the most important technology in the crypto space.
Meta released a digital wallet product, called Novi, back in October. The digital currency has now been named Diem, but no other information has been released to the public regarding the next move.
