Meta introduced a new guideline for cryptocurrency advertisements. Meta expands its licence acceptance from three to twenty-seven. This shift occurs when the corporation gears up to work on a Metaverse project.
The Trust Project is a global partnership of news organisations dedicated to developing transparency standards. Meta (previously Facebook) has published a new policy regarding crypto advertisements on its platform, thereby lifting the previous prohibition. It attributes the shift to market maturity and regulatory initiatives.
With the broadening of the regulatory licences it accepts, Meta has finally lifted its restriction on bitcoin advertisements. It now accepts 27, rather than three, licences. When the firm was still known as Facebook, the prohibition was implemented.
The firm discusses how greater market maturity and regulatory measures have influenced it to rethink its attitude in the article titled “Expanding Eligibility to Run Cryptocurrency Ads.” Prior to the new regulation, businesses were required to file an application that included information regarding licences received and publicly available information about the firm.
The cryptocurrency community undoubtedly has beef with Meta, both for its social media operations and for its crypto-related ventures. However, others will be pleased with the removal of the restriction since it would boost public exposure to the market.
Increased exposure has a few drawbacks. While marketing initiatives will benefit from the platform’s vast user base, the concern is whether dishonest people or organisations would take advantage of the public’s ignorance about the crypto area. Numerous frauds have targeted these uneducated folks through the site.
However, the industry has advanced much since then, and increasing monitoring of tech companies and authorities should mitigate that danger. Facebook is currently developing a metaverse project, which naturally garnered attention from both within and beyond the cryptocurrency field.
How is Meta’s currency, Diem, faring?
Diem, Meta’s stablecoin project that has been in development for well over a year, seems to be in a pause. According to certain sources, the corporation intends to deploy the asset before the end of the year. Recent reports, on the other hand, are less optimistic.
David Marcus, Meta’s leader of the cryptocurrency project, announced his departure from the firm before the end of the year. Senators from the Democratic Party in the United States have also pushed Meta to halt its Novi wallet trial programme.
While Diem seems to be fading away, Meta is preparing to take on the metaverse. The revelation of the company’s initiative generated a market frenzy for analogous initiatives such as Decentraland and The Sandbox.
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