Apple Unveils Stricter App Store Rules for Cryptos and NFTs – Critics Say Firm Wants to Keep Money in Its Ecosystem – Featured Bitcoin News
According to Apple’s latest guidelines for developers who want to have their apps included in the App Store, crypto exchange applications must only facilitate the transfer of crypto funds to approved exchanges. Where payments are required to unlock features or functionality, Apple says apps can only “use in-app purchase currencies”.
Only in-app purchase currencies can be used
In its updated guidelines for apps in the Apple App Store, unveiled on October 24, Apple Inc. said crypto exchange apps “may facilitate transactions or transfers of cryptocurrency on an approved exchange.” In addition, such transactions may only be offered “in countries or regions where the app has the appropriate licensing and permissions to offer a cryptocurrency exchange.”
The tech company also clarified that crypto wallet apps “may facilitate the storage of virtual currency, provided they are offered by developers registered as an organization.” However, according to the new guidelines, apps are prohibited from mining crypto and offering “currency to complete tasks, such as downloading other apps.” The only exception to the ban on crypto mining is when “the processing is carried out by [the] unit.”
In addition to restricting the use of crypto-transmitting apps, the latest guidelines state that developer apps “cannot use their own mechanisms to unlock content or functionality, such as license keys, augmented reality markers, QR codes, cryptocurrencies, and cryptocurrency wallets.”
Similarly affected by this requirement are digital gift cards, certificates, vouchers and vouchers that can be redeemed for digital goods or services. Apps that use the App Store’s in-app purchase feature are subject to Apple’s 30% fee, which has been criticized by app creators in the past.
Regarding non-fungible tokens (NFTs), Apple said apps can use in-app purchases when selling services related to such tokens. The tech giant also clarified that app users are allowed to “see their own NFTs” provided their ownership of tokens “does not unlock features or functionality within the app.”
Apple also said:
Apps may allow users to browse NFT collections owned by others, provided that the Apps do not include buttons, external links, or other calls to action that direct customers to purchase mechanisms other than in-app purchases.
In a message to developers, Apple insisted that the updated guidelines ensured “a safe experience for users to get apps”, while giving all developers an opportunity “to succeed”.
Today Apple released new rules for crypto apps (especially web3 games) in the App Store.
Apple’s stance on NFT, crypto and payments will have a massive effect on the industry.
A 🧵 with critical points, my takeaways and winners/losers based on first reading:
— Daniel Mason (@dgmason) 24 October 2022
NFTs as gateway to crypto for mobile gamers
However, some critics, including angel investor Daniel Mason, have said that Apple’s latest policies show that the tech firm is determined to stop money leaving the ecosystem. On a Twitter thread offering his thoughts on why Apple has updated its app rules, Mason admits that enabling non-fungible token purchases via in-app purchases “paves the way for NFTs as the gateway to crypto for mobile gamers.”
However, the angel investor notes that Apple’s ban on other purchase methods and redirecting users means that other vendors will not be able to capitalize. He said:
Apple wants to keep $$$ in the ecosystem. You cannot use other payment solutions or “include buttons, external links or other CTAs…” This makes it difficult for other providers to connect and capitalize.
Regarding Apple’s nod to crypto transfers from apps to licensed crypto exchanges, Mason suggested that this requirement is more of a clarification than a new rule.
According to Mason, those who want to compete with Apple for either primary or secondary NFT purchases are the losers. He identified exchanges such as Opensea and Magic Eden and payment platforms such as Moonpay as some of the losers.
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