Apple has recently implemented a new set of guidelines for crypto apps downloaded from the App Store. These guidelines represent the company’s position on NFTs, cryptocurrency, and payment. When the market scale for iOS applications is considered, it is clear that this factor will significantly impact the direction of development that decentralized applications will pursue in the foreseeable future.
Let’s explore more about the restrictions following these tightened rules released by Apple.
Apple’s Take To Restrict the Crypto Industry For Its Users:
Apple has elaborated on its policies around cryptocurrencies and non-fungible tokens (NFTs), detailing what kinds of interactions with these technologies are permitted for apps.
In its amended regulations for the App Store published on Monday, Apple stated that applications may support “transactions or transmissions of cryptocurrency on an approved exchange.” This rule pertains to cryptocurrency exchanges. However, the distribution of the app is restricted to only those nations or territories in which the company possesses the necessary licenses and permissions to run a cryptocurrency trading platform.
“Apps may not use their own mechanisms to unlock content or functionality,” which includes cryptocurrencies and wallets that store cryptocurrency.
Apple has elaborated on its policies on non-fungible tokens (NFTs), which can be a digital representation of a physical product like a piece of artwork and are typically acquired through the use of cryptocurrencies.
Key Highlights of These Rules:
- Significant Limitation on the Use of NFTs
Because of these limitations, any trading service that deals in NFTs must use Apple’s in-app payment mechanism, which levies a 30% transaction fee. This slice limits the kinds of services employing NFTs that customers can provide.
- App Developers Are Not Happy With the Move
App developers and members of the cryptocurrency community have complained for a long time that Apple’s cut stifles innovation in technology. Because the guidelines state that “apps may not use their mechanisms to unlock content or functionality,” such as cryptocurrencies or cryptocurrency wallets, some people believe that the policy harms the integration of NFTs and reduces the accessibility of the bitcoin ecosystem.
Was This Strictness Needed?
The cryptocurrency market is working hard to recover from the losses it sustained this year, but adoption is being hampered by high transaction costs and restricted access to cryptocurrency ecosystems. The recommendations on cryptocurrencies and non-traditional assets come just a few days before Apple reports its profits for the fourth quarter. Investors will be paying close attention to sales of the iPhone 14 series, the manufacturing of which has fallen in recent weeks.