Home » Apple Unveils Stricter App Store Rules for Crypto and NFTs — Critic Says Firm Wants to Keep Money in Its Ecosystem – Featured Bitcoin News

Apple Unveils Stricter App Store Rules for Crypto and NFTs — Critic Says Firm Wants to Keep Money in Its Ecosystem – Featured Bitcoin News

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According to Apple’s latest guidelines for developers seeking to list their apps on the App Store, crypto exchange applications must only facilitate the transfer of crypto funds to approved exchanges. If payment is required to unlock features or functionality, Apple says the app “can only use in-app purchase currency.”

Only in-app purchase currency available

among them Updated guidelines Regarding the Apple App Store app announced on Oct. 24, Apple Inc. said the crypto exchange app “may facilitate the trading or sending of cryptocurrencies on approved exchanges.” . Further, such transactions may only be offered in “countries or territories where the app has appropriate licenses and authority to offer cryptocurrency exchanges.”

The tech firm also revealed that crypto wallet apps “may facilitate the storage of cryptocurrencies if provided by a developer registered as an organization”. Apps are prohibited from mining virtual currency and providing “currency for completing tasks such as downloading other apps.” The only exception to the ban on cryptomining is “when processing is performed off”. [the] device. “

In addition to restricting the use of crypto transfer apps, the latest guidelines state that developer apps must be “unlocked to unlock content and functionality such as license keys, augmented reality markers, QR codes, cryptocurrencies, cryptocurrency wallets, etc. Do not use your own mechanism for

Similarly, this requirement affects digital gift cards, certificates, vouchers, and coupons redeemable for digital goods or services. Apps that make use of the App Store’s in-app purchase feature are subject to Apple’s 30% fee. criticized by past app creators

Regarding non-fungible tokens (NFTs), Apple said that apps may use in-app purchases when selling services related to such tokens. The tech giant also clarified that app users are allowed to “view their own NFTs” provided that token ownership “does not unlock any features or functions within the app.” did.

Apple also states:

Allow users to browse NFT collections owned by other users, provided the app does not include buttons, external links, or other calls to action that direct customers to purchase mechanisms other than in-app purchases. can.

In a message to developers, Apple argued that the updated guidelines ensure a “safe experience for users to acquire apps” while giving every developer a chance to “succeed.” did.

NFTs as gateways to crypto for mobile players

But some critics, including angel investor Daniel Mason, say Apple’s latest guidelines show the tech company is determined to stop money from leaving its ecosystem. said.on twitter thread Giving his thoughts on why Apple updated its app rules, Mason said that by enabling non-fungible token purchases through in-app purchases, he could “enhance NFTs as a gateway to cryptocurrencies for mobile players. will open the way for

However, angel investors say Apple’s banning other purchasing methods and redirecting users means other providers cannot profit. He said:

Apple wants to keep $$$ in the ecosystem. You may not use any other payment solution or “include buttons, external links, other CTAs…”. This makes it difficult for other providers to plug in and leverage.

Regarding Apple’s consent to the transfer of cryptocurrencies through licensed cryptocurrency exchange apps, Mason suggested that the requirement is more of a clarification than a new rule.

Mason said anyone trying to compete with Apple for primary or secondary purchases of NFTs is a loser. He identified exchanges such as Opensea and Magic Eden and payment ramps such as Moonpay as some of the losers.

What are your thoughts on this story? Let us know what you think in the comments section below.

Terrence Jimwala

Terence Zimwara is an award-winning journalist, author and writer from Zimbabwe. He has written extensively on the economic problems of several African countries and how digital currencies can provide an escape route for Africans.

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