It seems regulators will not leave Meta, the parent company behind Facebook and Instagram, alone, even after the company abandoned its cryptocurrency projects. The new regulations drafted in the UK will target Metaverse developments.
Meta, formerly known as Facebook, was notorious for its somewhat hostile attitude towards cryptocurrencies when it banned cryptocurrency ads. However, the company recently announced that it is rolling back the ban and allowing more crypto ads on its social media platform.
Facebook still faces problems before the launch of their Libra coin. Right after rebranding its Libra Foundation to The Diem Association, the company faces a lawsuit from a startup with an identical name.
Fake news related to cryptocurrency, Coronavirus pandemic, and other fields that spread through social media like Facebook, Google, Twitter etc., are becoming a problem. That is why the European Commission urged the giants to strengthen measures against misinformation.
The US law enforcers go on with their campaign against terrorism financing. Now, they have blocked and confiscated around $2 million worth in cryptocurrency from accounts allegedly involved in terrorism financing.