Meta has simplified the process for posting ads about crypto on the platform. Earlier, a lengthy process had to be followed to post ads for cryptocurrencies.
Now businesses can obtain regulatory licenses instead of going through a lengthy process. Meta has expanded the number of regulatory licenses it accepts from 3 to 27 so that now more businesses can start their advertisement immediately.
Previously, businesses had to submit all the documents related to their cryptocurrency to run their ads on Meta. The details included their trading licenses and whether they are listed on a stock exchange or not. These all processes are made simpler now as per the new rule.
Now businesses can run ads on Meta crypto
simply by showing their eligibility license.
Why is Meta changing its policies regarding Cryptocurrency ads on its platform?
Well, this is an obvious question, and it needs to be answered.
According to Meta crypto, they are changing this policy because cryptocurrencies have become more stable in recent years. It has gained recognition from some Governments as well about its regulation.
These all changes in the standing position of Cryptocurrencies have opened up new opportunities for everybody. This is the reason Meta wants to keep everything very much transparent.
Importance of this decision for advertisers
Nothing changes for the businesses that have already approved as per the old rules. The list of products and services which require pre-approval also won’t change.
The changes are made only in the steps of getting approval for cryptocurrency advertising. It has now been made easier.
Businesses which hold at least one license out of the list of 27 licenses will now be able to run advertisements on Meta about Crypto. A complete list of 27 essential licenses is available on Meta’s policy page.
Which businesses and service providers need permission to run an ad on Meta?
Following businesses and service providers need permission to run their ads on Meta.
- Those service platforms, applications, or products offer lending and borrowing of cryptocurrency.
- Software and hardware which promotes cryptocurrency mining.
- Cryptocurrency wallet through which people hold, buy, sell, and swap their tokens of cryptocurrency.
- Platforms, applications, and websites which offer trading in cryptocurrencies.
Which Businesses and service providers don’t need permission?
The following list of businesses and service providers does not need permission to run an ad about cryptocurrencies.
- The companies that publish news about cryptocurrencies do not offer any service or product related to crypto.
- Not virtual currency services are based on blockchain technology such as NFT.
- Cryptocurrency wallets in which a buyer can only store cryptocurrencies and does not sell, buy, swap, and staking the cryptocurrency.
- Those which provide services related to taxes to cryptocurrency.
Cryptocurrency is in its evolving phase. The popularity of cryptocurrency is increasing rapidly. The knowledge about cryptocurrency is still known to fewer people.
Also, this currency is not regulated in many countries, which means it has no recognition in those countries.
The most popular cryptocurrency is Bitcoin which is traded on a large scale worldwide. Cryptocurrencies are digital or virtual currencies that are highly secured and backed by cryptography. This feature makes it nearly impossible to imitate it fraudulently or double-spend it.
In the past few months, the crypto market has witnessed some major highs and lows, which clarify its potential for a huge return. Some companies have started accepting payments in crypto like Tesla, but later on, it took back its decision.
This uncertain future of crypto creates a doubt in the mind of people, and people fear to invest their hard-earned money in crypto.
Because of the above-stated reasons and analysis of the crypto market, meta may revise its decision regarding ads of the cryptocurrency service provider or products from time to time.