Apple's App Store To Host New Support For Cryptocurrencies

12 June, 2018, 05:19 | Author: Patty Hardy
  • Apple Updates App Store Guidelines, Tightens Rules for Crypto-Related Apps

As bitcoin prices peaked near $20,000 in December 2017, Apple unveiled a new section of guidelines specific to cryptocurrencies and ICOs on December 20. Under the mandated rules.

Following Apple's widely publicized mid-March removal of the Mac app Calendar 2 for running a cryptocurrency mining tool in the background, the App Store's Review Guidelines have been updated to explicitly ban on-device mining - across any type of app, and all of Apple's platforms. The former says that apps "may not run unrelated background processes, such as cryptocurrency mining".

(Kitco News) - Tech giant Apple has taken a major step against cryptocurrencies by outlawing digital mining on all of its devices, including iPhones, iPads, iMacs, MacBook Pros, and others.

Apple has a clear message for cryptocurrency enthusiasts: Don't mine it on our devices.

Moreover, Apple is also barring apps from crypto mining activity done within the device.

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Six months after crypto exchange Coinbase's app became the number one trending app on the App Store, Apple has now apps to provide wallet services under a caveat. Any apps that facilitate ICOs, futures trading or other securities must be provided by established banks, securities firms and futures commission merchants (FCMs).

Apple additionally wants to ensure the seriousness of Initial Coin Offerings, cryptocurrency futures trading, and other crypto-securities or quasi-securities trading.

According to the new rules, Apple will no longer allow indie developers to publish any wallet app on the App Store as only developers affiliated with a registered organization are eligible.

Moreover, Apple will no longer allow reward-based crypto marketing with App Store listed apps.

Similarly, Apple is also allowing apps to facilitate crypto transactions "on an approved exchange, provided they are offered by the exchange itself". In a dedicated cryptocurrency section, the company goes on to break down in more detail what is - and, crucially, is not - permissible.

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