Apple Clarified Its Rules on Crypto

Apple outlined the limitations of using crypto and non-fungible tokens in apps by outlining its policies. Apps may not use their mechanisms, such as cryptocurrencies or crypto wallets, to unlock content or functionality.

For cryptocurrency exchanges, Apple said in an updated App Store regulation published Monday that apps can “facilitate the trading or transfer of cryptocurrencies on existing exchanges.” However, the application may only be provided in a country or region with the necessary licenses and rights to operate a cryptocurrency exchange.

NFTs

Apple has clarified the rules governing NFTs. The rules state that apps can sell NFTs and associated services like minting, listing, and transferring these tokens through in-app purchases. Users of apps may also browse NFT collections owned by others. However, there should be no buttons, external links, or other calls to action pointing users to alternative purchasing options to in-app purchases.

Any NFT trading service must use Apple’s in-app payment mechanism. In-app payments are subject to a 30% cut by Apple. Given Apple’s 30% cut, this severely restricts the services that can be provided involving NFTs. However, it does not outright ban them.

App developers have long criticized Apple’s 30% cut, accusing the company of monopolizing in-app purchases. The management of the Apple App Store claims that it can ensure the application’s security and payments. The App Store has also created an ecosystem of successful apps where developers can make money.

The 30% cut was due to a high-profile legal battle between Epic Games and Apple.

Crypto has had a volatile and difficult year, with the market losing approximately $2 trillion since its peak in November.