Social media giant Facebook has lifted restrictions on advertisements from cryptocurrency and blockchain companies.
The decision comes one year after the social media website banned cryptocurrency ads. According to an official update on May 8, “cryptocurrency ads will no longer require prior written approval”.
However, ads relating to Initial Coin Offerings (ICOs) and token sales will remain banned, presumably to avoid the potential regulatory issues with the ongoing compliance-related clampdown.
The statement reads: “While we will still require people to apply to run ads promoting cryptocurrency, starting today, we will narrow this policy to no longer require pre-approval for ads related to blockchain technology, industry news, education, or events related to cryptocurrency.”
It continues: “We’re committed to preventing misleading advertising on our platforms, especially in the area of financial products and services. Because of this, people who want to promote cryptocurrency and closely related products, such as cryptocurrency exchanges and mining software and hardware, will still have to go through a review process.
“This process will continue to take into account licences they have obtained, whether they are traded on a public stock exchange (or are a subsidiary of a public company), and other relevant public background on their business.”
The move to lift restrictions has fuelled the fire in terms of the speculation surrounding the potential launch of Facebook’s own native cryptocurrency, with several outlets reporting that a native stablecoin is in development.
Facebook’s leap of faith into the cryptocurrency market will add legitimacy to the asset class while reinforcing the notion that the bear market has ended.
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