Apple revises App Store rules for crypto apps, NFT payments
Tech giant Apple has updated its App Store guidelines, with the amendments to affect certain crypto apps.
Apple says the App Store Review Guidelines have been updated to support new features in upcoming OS releases, better protect customers, and help apps go through the review process as smoothly as possible.
There is a new rule for crypto apps – 3.1.5 (iii). The new rules concerning cryptocurrencies )(following the changes) state:
- Wallets: Apps may facilitate virtual currency storage, provided they are offered by developers enrolled as an organization.
- Mining: Apps may not mine for cryptocurrencies unless the processing is performed off device (e.g. cloud-based mining).
- Exchanges: Apps may facilitate transactions or transmissions of cryptocurrency on an approved exchange, provided they are offered only in countries or regions where the app has appropriate licensing and permissions to provide a cryptocurrency exchange.
- Initial Coin Offerings: Apps facilitating Initial Coin Offerings (“ICOs”), cryptocurrency futures trading, and other crypto-securities or quasi-securities trading must come from established banks, securities firms, futures commission merchants (“FCM”), or other approved financial institutions and must comply with all applicable law.
- Cryptocurrency apps may not offer currency for completing tasks, such as downloading other apps, encouraging other users to download, posting to social networks, etc.
In addition, Apple has introduced a rule regarding NFT payments.
Apps may use in-app purchase to sell and sell services related to non-fungible tokens (NFTs), such as minting, listing, and transferring. Apps may allow users to view their own NFTs, provided that NFT ownership does not unlock features or functionality within the app. Apps may allow users to browse NFT collections owned by others, provided that the apps may not include buttons, external links, or other calls to action that direct customers to purchasing mechanisms other than in-app purchase.
The full guidelines may be viewed here.