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Apple wants a piece of the NFT pie

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Apple Inc. (NASDAQ: AAPL) released the first App Store rules related to Non-Fungible Tokens (NFTs).

The Silicon Valley tech giant has presented a great use case for NFTs, confirming that the 30% “Apple tax” applies to in-app purchases. NFTs purchased elsewhere can only be viewed.

The company also allows the application to “use in-app purchases to sell and sell services related to non-fungible tokens (NFTs) such as minting, listing and transferring.”

Apple tax on NFTs cannot be circumvented

Apple has been heavily criticized for applying a signature 30% tax to purchases made on apps like Magic Eden and OpenSea.

The standard fee is 2.5%, but Apple doubles the much higher tax while ensuring there’s no way around it.

The new rules stipulate that buttons, external links, and other calls to action are prohibited within apps. This ensures that all NFT purchases are made within the app, and Apple gets the cut.

Previously, some apps dialed back the ability for Apple users to buy and sell NFTs within the app once they learned about the 30% tax. But that doesn’t stop Apple from implementing it.

Clarifying Rules for Exchanges and Acceptable Payments

of new guidelines Clarified policies for existing digital currency exchange apps and payment methods within related apps.

There were no particular changes to the rules regarding trading apps such as. binanceApple’s 30% tax does not apply to transactions in these apps, and that policy has not changed.

However, it became clear that these apps can only be offered in the countries where they are licensed.

All types of in-app purchases, whether NFT purchases or digital currency transactions, must be made in fiat currency, not digital currency.

The net continues to approach unregulated activity

in the meantime Apple Taxes on NFTs .

For years we have reported on the trend towards a more regulated digital currency and blockchain industry. Every week or month, more and more companies lock out exchanges and trading apps that have failed to obtain a proper license in the countries in which they operate.

Not so long ago, this exact same issue led to a wave of British banks banning Changpeng Zhao from depositing on Binance.of digital currency exchangeknown for its jurisdiction hopping, committed to obtaining the appropriate UK license, and then refused to cooperate with regulatorsFor similar reasons, it also waived its application to operate a licensed exchange in Singapore.

Big companies are increasingly reluctant to associate themselves with the shady operators that have characterized the digital currency industry to date. He is just one of many companies that have made it clear that companies that refuse to comply with the law are not welcome on their platform.

Going forward, this turf is expected to tighten further as companies begin to self-regulate in anticipation of further regulatory crackdowns. In a few years this industry will go unrecognized and only regulated and legally compliant companies and blockchain will survive.

Watch: BSV Global Blockchain Convention Panel, Digital Asset Exchanges and the Future of Investment

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