FacebookThis Wednesday announcedThe company’s decision to reverse a policy that had prevented cryptocurrency companies advertising on its platform was a major change.

After Meta tried unsuccessfully to create a cryptocurrency that could send money to any person in the world using Facebook’s products, the company now known as Meta made the decision to make the move. David Marcus (head of Facebook’s cryptocurrency initiatives), announced Tuesday that he would be retiring. leaving the companyThe year ends.

PreviouslyThe company stated that advertisers can submit applications and provide information, including licenses obtained or whether the shares were listed on any public stock exchange.

Moving forward, the company will increase its acceptance of regulatory licenses from the current 3.

The company stated in a statement that it was doing so because “the cryptocurrency landscape has continued its maturation and stabilization in recent years” and also due to more government regulations which are setting clearer industry rules.

It banned all cryptocurrency advertising January 2018But the ban has been slightly relaxed. May 2019. It was banned. prevented start-upsIn the blockchain and cryptocurrency fields, to market their work and reach potential clients on Facebook and Instagram.

Henry Love, an ex-employee of Facebook’s small business group, stated that Facebook’s new policy for cryptocurrency is significant and will enable more retail investors to have access to cryptos than ever.

Love, who is the managing partner at Fundamental Labs and has made $500 million investments in cryptocurrency since 2016, said that “there will be more adoption for crypto companies and the metaverse with more transparency and openness for what they can do.” It is the key to mass adoption.

Emad Asan, another ex-Facebook employee said the new policy will be beneficial for all start-ups that work on blockchain technology, which makes cryptocurrencies possible. 

They were not allowed to advertise on Facebook because they had previously been there. “They couldn’t get people to convert fiat currencies into cryptocurrency,” stated Hasan, CEO at Retina AI. This start-up helps brands target customers with high value on social media. “This will make it possible for the typical person to do so every day.”

Facebook has significantly reduced its ambitions regarding cryptocurrency over the past 12 months. Facebook had presented plans to launch a cryptocurrency in 2019 and also a digital wallet, but was met with stiff resistance from legislators and regulators around the globe. Finally, the company was able to get its act together. released its digital wallet product, Novi, in October. The digital currency is still not released to the general public, now called Diem. It is managed by an independent association.