The process of running cryptocurrency ads on Facebook and Instagram is now a lot simpler. In its press release, Meta stated that the cryptocurrency ecosystem has grown exponentially over time and stabilized significantly in recent years. In addition, the company has acknowledged that after seeing increased government regulations leading to clearer cryptocurrency norms in countries, it has decided to relax some of its existing rules of crypto ads.
Meta hopes the changes will allow small businesses to grow their audiences and reach a wider cross-section of customers, which could be crucial to boosting crypto adoption. At this time, 27 regulatory licenses have been accepted, including BitLicense, as well as accreditations issued by the U.K.’s Financial Conduct Authority, Hong Kong’s Securities and Futures Commission, and the Financial Crimes Enforcement Network.
Advertisers who already had permission to market their products on Facebook and Instagram will be impacted by the changes. Crypto exchanges, digital wallets, lending platforms, and companies that provide mining hardware and software will only require written authorizations.
The Continued Struggle for the Market
By taking this step, Meta is helping small businesses minimize and eventually eliminate some of the uncertainties surrounding crypto advertising.
Google also relaxed its rules earlier in August, allowing crypto exchanges and wallets in the US to market their services only if they met Google’s requirements. Some limitations, however, are still in place. Initial coin offerings (ICOs) and DApps that do not comply with regulations continue to be prohibited. However, it is still unclear how these restrictions might be relaxed, and it may pose particular problems for the ever-growing world of decentralized finance.
In recent years, cryptocurrency advertising has been the subject of several controversies. Recently, some politicians in the UK have called for it to be banned altogether, which has enormously impacted the crypto market. As well as scams and crypto fraud, tech giants have been battling various types of fraud.
These obstacles continue to prevail, indirectly affecting the crypto market.