FreeType comes with two licenses from which you can choose the one which fits your needs best.
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The FreeType License (FTL) is the most commonly used one. It is a BSD-style license with a credit clause and thus compatible with the GNU Public License (GPL) version 3, but not with the GPL version 2.
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The GNU General Public License (GPL), version 2. Use it for all projects which use the GPLv2 also, or which need a license compatible to the GPLv2.