Apple reveals new app store rules for trading cryptocurrencies and NFTs.
The App Store has new rules on cryptocurrencies and NFTs
Allows exchanges to use the App for crypto transactions only in the countries where they are licensed
Apps may sell NFTs, but must not unlock additional features or content
Apple yesterday updated its App Store guidelines and added new rules regarding crypto-asset and non-fungible token (NFT) apps.
According to the updates, the tech giant has no problems with cryptocurrency exchanges or any other applications that allow the trading of digital tokens and currencies, as long as these platforms have the necessary licenses to operate in the regions where it intends to establish its services. .
Among the new guidelines it establishes:
“Apps may facilitate cryptocurrency transactions or transmissions on an approved exchange, provided they are offered only in countries or regions where the app has the appropriate licenses and permissions to provide a cryptocurrency exchange.”
Additionally, apps may sell digital tokens, but "may not use their own mechanisms to unlock additional features or content" and "may external links or other calls to action that direct customers to purchase mechanisms other than in-app purchases." of the application".
“Apps can use in-app purchase to sell and sell services related to non-fungible tokens (NFTs), such as minting, listing, and transferring,” adding, “Apps can allow users to view their own NFT, provided ownership of NFT does not unlock features or functions within the app”
new items
In the App Store review guidelines are these articles that directly involve crypto.
Revised 3.1.1: “Apps cannot use their own mechanisms to unlock content or functionality, such as license keys, augmented reality markers, QR codes, cryptocurrencies and cryptocurrency wallets, etc.”
Added to 3.1.1: “Apps can use in-app purchase to sell and sell services related to non-fungible tokens (NFTs), such as minting, listing, and transferring. Apps may allow users to view their own NFTs, as long as ownership of the NFTs does not unlock features or functions within the app. Apps may allow users to browse collections of NFTs owned by others, provided that the apps, external links, or other calls to action direct customers to purchase mechanisms other than in-app purchase. .
3.1.5(iii) revised: “Exchanges: Applications may facilitate cryptocurrency transactions or transmissions on an approved exchange, provided they are offered only in countries or regions where the application has the appropriate licenses and permissions to provide a cryptocurrency exchange. ”
critics
the new rules could have a very negative impact on NFT sales, as one of the key use cases for NFTs is that they can unlock access to exclusive content or other perks. For example, Bored Ape Yacht Club NFTs offer holders access to several different communication channels, products, and even physical clubs.
The tech giant reported last month that it was accepting the trading of non-fungible tokens but would charge a 30% fee on any payment that passes through its system.
the NFT community was also not happy with this update.
Epic Games CEO and cryptocurrency supporter Tim Sweeney has lashed out at the tech giant over its payment mechanism. On September 26, Sweeney tweeted that the company is "eliminating all the NFT app business it can't tax" by "crushing other nascent technology that could rival its grotesquely expensive in-app payment service."
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