Apple Sets New Rules for Cryptocurrency-related Apps on AppStore

• Apple set news rules for all crypto-related apps such as apps for crypto exchange, ICOs, and wallets.
• The rule also bans all crypto-related apps that offer free coins for completing tasks.

It has been reported that Apple has revised rules for cryptocurrency apps that can be downloaded on its application marketplace AppStore. AppStore currently offers more than 783k gaming applications, and 2.3 mln non-gaming applications.

The new crypto-related apps rules specified that all apps that concern cryptocurrency such as crypto exchanges, ICOs, wallets, and cloud mining platforms apps must strictly adhere to the rule. Apps that mine cryptocurrencies using the iPhone’s chipset are strictly barred allowing only those that do not perform the crypto mining on the device – cloud-based mining. The revised rules state:

“Wallet Apps may facilitate virtual currency storage, provided they are offered by developers enrolled as an organization. Exchange Apps may facilitate transactions or transmissions of cryptocurrency on an approved exchange, provided they are offered by the exchange itself.”

It added that:

“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.”

One of the revised rules may have an effect on some apps that are currently on the AppStore. The rule bans all apps that offer cryptocurrency to users for carrying out tasks. It states:

“Cryptocurrency apps may not offer currency for completing tasks, such as downloading other apps, encouraging other users to download, posting to social networks, etc.”

Prior to this recent revision, Apple has maintained a stricter rule on crypto-related apps in its marketplace than any other marketplace. About 4 years ago, Apple removed all apps related to Bitcoin. 2 years ago, Apple instructed all concerns to remove cryptocurrencies like dash from their apps on AppStore. These latest rules seem to affect the crypto-related apps presently on the marketplace and those that may be featured in the near future.

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