Facebook initially banned crypto ads in January 2018 when the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. asset market an area or arena, online or offline, in which commercial dealings are conducted. imploded after the ICO bubble when an asset is traded at a price exceeding that asset's intrinsic value. burst.
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Meta, el new name of the company that surrounds Facebook, Instagram, WhatsappyMessenger,announced yesterday thatFacebook has expanded its eligibility for digital asset advertising since “the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. landscape has continued to mature.”
It is worth remembering that cryptocurrency ads were practically banned. on the platform after January 2018 when the dotcom bubble burstInitial Cryptocurrency OfferingsICO, leaving regulators on the hook and many retailers unable to promote themselves.
Afterwards,Facebook reversed this first ban and provided certain avenues for digital asset companies to post advertisements. The problem is that it made it difficult for them as they needed to complete a lengthy questionnaire that asked whether they were publicly listed and what licenses they held, of which Facebook required one out of three.
Now things are changing with the new announcement ofMeta.
The communiqué ofMeta
This is what Meta’s communiqué says“Expanded eligibility to post cryptocurrency ads”.
“ We are facilitating the execution of cryptocurrency advertisements. en nuestra plataforma al expandir la cantidad de licencias regulatorias que aceptamos. We are doing this because the cryptocurrency landscape has continued to mature and stabilize in recent years and has seen more government regulations that are setting clearer rules for its industry.
These changes will help make our policy in this space more equitable and transparent and will help more advertisers, including small businesses, increase their audience and reach more potential customers.
As of today, we are updating our eligibility criteria for posting cryptocurrency ads on our platform a place to buy, sell and store cryptocurrency by expand the number of regulatory licenses we accept from three to 27. We are also making the list of eligible licenses publicly available on our policy page.”
Policy will allow more advertisers
The communiqué goes on to say:
“Previously, advertisers could submit an application and include information such as the licenses they obtained, whether they are listed on a public stock exchange, and other relevant public background information about their business. However, over the years, the cryptocurrency landscape has matured and stabilized and has seen an increase in government regulation, which has helped establish clearer responsibilities and expectations for the industry. Going forward, we will stop using a variety of tokens to confirm eligibility and instead apply for one of these 27 licenses.
This change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. will help make our policy more fair and transparent and allow more advertisers, including small businesses, to use our tools and grow their business.
Advertisers who were pre-approved will not be affected by this change. The list of products and services that require pre-approval will also remain the same.
Those who do need a permit
Meta expressly states that it will continue to require prior written permission based on the criteria for:
- “Platforms, software applications or products known as cryptocurrency exchanges and trading platforms. Examples include, but are not limited to, spot a contract or transaction buying or selling a cryptocurrency for immediate settlement, or payment and delivery, of the cryptocurrency on the market. trading, margin trading, futures a futures contract is a standardized legal agreement to buy or sell a particular commodity or asset at a predetermined price at a specified time in the future. trading or other trading instruments involving cryptocurrency assets.
- Platforms, software applications or products that offer cryptocurrency lending and borrowing.
- Cryptocurrency wallets that also allow people to buy, sell, trade or gamble their cryptocurrency tokens.
- Hardware and software for cryptocurrency mining”.
He adds that“cryptocurrencies continue to be an evolving space and we may refine these rules over time as the industry changes. This includes adding eligible licenses to the list as they become available and after we have reviewed them.”
He also maintains that he will continue to fight against bad actors:
“We continue to enforce our policies and remove misleading and harmful ads that violate our rules. Individuals should report content that violates our Advertising Policies. by selecting “report ads” in the top right corner of any advertisement This will help us improve our application and better understand the feedback from the people who rely on our platform every day.
Meta, crypto and a way out
This decision occurs when Meta considers its next move in the digital asset space, apparently abandoning cryptocurrency for the Metaverse, as implied by its name change.
The company seems to have scaled back its plans to launch a digital currency currency is a medium of exchange that defines value. of its own. Its two projects have been calledLibra and the secondDiem, but both, even though they haven’t even reached the testing period, have had huge pushback from regulators.
David Marcus, the crypto leader ofFacebook announced yesterday that he plans to leave the company at the end of the year. perhaps signaling a change in the pace of the company’s cryptocurrency efforts.
“While there is still much to be done right after the launch of Novi, and I remain as passionate as ever about the need for change in our financial and payment systems, my entrepreneurial DNA has been pushing me for too many mornings in a row to continue to ignore it.”Marcus tweeted.
Probably because of Marcus’s decision, the actions of Meta fell 4.27% since yesterday. Although perhaps the fall is related – as it has happened with all markets – to the arrival of the Omicron variant of the coronavirus in several countries, including the United States.
Sources: Press release from Meta, Blockworks , archivo
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