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| Apple Tightens App Store Rules for Cryptocurrency and NFT Tokens |
Apple has clarified its rules on cryptocurrencies and non-fungible tokens (NFTs) and warns about what apps can do with these technologies.
Regarding digital currencies and their exchange, the US tech giant said in the updated App Store rules that the apps can facilitate cryptocurrency transfers and transactions on authorized exchanges. However, the app can only be used in countries or regions where authorized and licensed cryptocurrency exchanges operate.
Apple added that apps are not allowed to use their own mechanisms to unlock content or features, such as b. Cryptocurrencies or cryptocurrency wallets.
Apple has also clarified its rules regarding non-fungible NFT tokens, which can be digital representations of real-world assets such as art, often purchased with cryptocurrency.
The guidelines state that in-app purchases can be used to sell non-redeemable tokens and to sell related services such as minting and transferring these tokens. The Applications may also allow Users to browse untrustworthy sets of icons owned by others, as long as the Application does not contain external buttons, links, or other actions that would prompt the Customer to use an out-of-app purchase mechanism.
All this means that any type of non-redeemable token exchange service must use Apple's internal payment mechanism, where the company deducts 30% of each payment.
While these policies do not prohibit codes that cannot be redeemed in any way, they do limit the services that require them, as Apple will charge 30%.
Users can view the non-fungible tokens they keep in the app as long as they don't "unlock the app's features or functionality". Users often purchase non-redeemable codes to access exclusive parts of the service, or even as a loyalty card for an app. But Apple says some are not allowed.
App makers in particular have long criticized the 30 percent price drop and accused the company of monopolizing in-app purchases.
Apple claims that control of the App Store ensures app and payment security. She also said that the App Store has created a thriving app ecosystem for developers to monetize.
30% is the subject of a high-profile lawsuit between Apple and Epic Games, the developers of the popular Fortnite game.
The cryptocurrency market has had a turbulent and difficult year, with the total market losing nearly $2 trillion since its peak last November.