Just recently the tech giant Apple has revised its App Store policies concerning cryptocurrency applications offered within the platform marketplace. The new rules are a bit stricter and apply to cryptocurrency wallets, exchanges, and platforms that facilitate Initial Coin Offerings (ICOs).
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Apple’s App Store Revises Cryptocurrency Rules
The Apple App Store is a popular application marketplace that provides over 783,000 gaming apps, and 2.3 million non-gaming apps. Just recently the App Store changed its guidelines concerning cryptocurrency applications that can be downloaded using the marketplace. The news follows the recent ‘Developers Union’ in which a large group of software developers pushed to get their free apps published and had succeeded in convincing Apple.
The new rules detail that cryptocurrency applications must adhere to the following description criteria which include wallets, ICOs, exchanges, and cloud mining platforms. Mining applications using an iPhone’s chipset to mine digital currencies are strictly prohibited and are only allowed if the software is performing the mining off the device (e.g. cloud-based mining).
“Wallet Apps may facilitate virtual currency storage, provided they are offered by developers enrolled as an organization,” explains Apple’s revised rules. “Exchange Apps may facilitate transactions or transmissions of cryptocurrency on an approved exchange, provided they are offered by the exchange itself.”
Initial Coin Offering 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.
Apple’s Long History of Being Strict Towards Cryptocurrency Apps
Lastly, the fifth revised rule may affect
