Facebook reopens to cryptocurrency ads.
Has the change of name from Facebook to Meta brought cryptocurrency up to date with the social network? The answer seems positive since the company has just made a major turnaround on the subject. Hitherto almost prohibited, advertisements for digital assets will again be authorized on Facebook, with certain conditions to be met.
Facebook allows cryptocurrency advertising more widely
The relationship between Facebook and cryptocurrencies has been tumultuous for many years. The most important step is undoubtedly the ban on all advertising related to digital assets decided at the end of January 2018.
Many saw it as an injustice because the social network did not want to distinguish between legitimate advertising and the promotion of scams. So until now, nearly four long years, Facebook had hardly reversed this sweeping decision.
Yesterday, Meta, the new name of Facebook, announced that it wanted to “extend the possibility of advertising cryptocurrency”. In summary, the primary condition is that it will be necessary to be registered to benefit from this new Facebook policy.
License required to advertise cryptocurrency on Facebook
Thus, Facebook is not giving the crypto-asset sector a blank check. The main condition is the need to obtain a “license”, which corresponds to the PSAN status in France.
Previously, only three licenses were accepted by Facebook. Today that number rises to 27 and is open to many countries. In addition to France and its Financial Markets Authority (AMF), regulators from the United States, the United Kingdom, Germany, Hong Kong, South Korea and Singapore.
In summary, there are almost all countries with companies related to the cryptocurrency sector apart from Switzerland. Thus, a platform like Just Mining, which obtained the PSAN, can now theoretically advertise on the social network.
However, advertising for most cryptocurrency-related activities (trading platforms, lending, external wallets) remains subject to Facebook’s written approval. Nevertheless, the latter will be less observant if the company in question has the famous key to the regulatory license.
Facebook is moving more and more towards the world of cryptocurrencies.
This change in Facebook policy is not trivial. Of course, we immediately think of the Libra project, which has become Diem. As it has been nicknamed, the “Facebook corner”, which displeases many, remains a stalled project, which will, in addition, lose David Marcus, its historical manager.
Above all, the social network is launching itself in non-fungible tokens (NFTs) and the metaverse sector. First of all, Facebook is now called Meta, although this goes rather unnoticed at the moment. Then, the Novi wallet will allow the purchase of NFTs in the Facebook metaverse.
Facebook is also probably trying to differentiate itself from its current competitor, TikTok. Indeed, the Chinese social network prohibits any advertising related to cryptocurrencies. Now well established in the sector, Mark Zuckerberg’s company, therefore, is interested in lifting any advertising blocking linked to digital assets.
