Apple stated that crypto exchange apps might support cryptocurrency transactions on a recognized exchange under its new guidelines for apps in the Apple App Store, unveiled on October 24. Additionally, these transactions can only be made in jurisdictions where the app has the necessary authorizations and licenses to conduct crypto exchange services.
The technology firm also made clear that apps for cryptocurrency wallets may enable the storage of virtual currencies if they are provided by developers who are members of an organization. The new regulations, however, forbid apps from mining cryptocurrency and giving users money in exchange for downloading other apps. When “the processing is performed off [the] device,” the ban on crypto-mining is the only one that applies.
The most recent standards prohibit developer apps from using their mechanisms to unlock content or functionality, such as license keys, augmented reality markers, QR codes, cryptocurrencies, and cryptocurrency wallets, in addition to restricting the usage of crypto-transferring apps.
Digital gift cards, certificates, vouchers, and coupons that can be used to purchase digital products or services are also impacted by this requirement. App developers have previously challenged Apple’s 30% tax, which is imposed on apps using the in-app purchase feature of the App Store. Apple stated that apps might employ in-app purchases when offering services associated with non-fungible tokens (NFT).
The tech behemoth has made it clear that app users are free to view their own NFTs as long as ownership of the tokens does not grant access to any features or functionality of the app. As long as the apps don’t contain buttons, external links, or other calls to action that point users to alternative purchasing options to in-app purchases, Apple indicated that users might browse NFT collections owned by others.
However, other detractors, such as angel investor Daniel Mason, have said that Apple’s most recent policies demonstrate the tech company’s determination to prevent money from leaving its ecosystem. Mason acknowledges that the ability to purchase non-fungible tokens through in-app purchases “paves the way for NFTs as the gateway into crypto for mobile players” in a Twitter thread where he discusses his ideas on why Apple modified its app policies.
The angel investor points out that because Apple forbids alternative payment methods and reroutes consumers, other providers won’t be able to make money.
“Apple wants to keep $$$ in the ecosystem. You can’t use other payment solutions or ‘include buttons, external links or CTAs…’ This makes it hard for other providers to plug in and capitalize.”
Mason argued that this requirement is more of a clarification than a new rule in light of Apple’s support for crypto transactions made via applications of authorized crypto exchanges. The losers, according to Mason, are those that try to take on Apple in either primary or secondary NFT purchases. He named some of the losers as being payment ramps like Moonpay, exchanges like Opensea and Magic Eden, and exchanges.