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Apple Cracks Down on Crypto Apps

Apple Cracks Down on Crypto Apps 101
Source: iStock/praetorianphoto

American tech giant Apple has introduced a new set of guidelines that further cracks down on cryptocurrency related apps and activities within its app store. The company, which has been known as having a relatively tough stance on crypto, now explicitly bans all apps that facilitate mining of cryptocurrencies from its app store.

In the newly updated app store guidelines, the Cupertino, California-based company now dedicates an entire section to cryptocurrency related apps developed for iOS, macOS, watchOS, and tvOS operating systems.

The new guidelines sets forth the following requirements regarding cryptocurrency related apps:

  • Wallets: Accepted as long as developers are enrolled as part of an organization
  • Mining: Mining is not accepted unless it is cloud-based
  • Exchanges: Apps may facilitate transactions on “approved exchanges”
  • Initial Coin Offerings (ICOs): Apps that facilitate ICOs or trading in cryptocurrency must come from “approved financial institutions and must comply with all applicable law”
  • Payments: Apps cannot facilitate payments in cryptocurrency as reward or incentive for completing certain tasks

The new guidelines come at a time when exchanges are pouring large resources into developing their mobile app services to satisfy consumers’ demand for more mobile-friendly payment, trading, and wallet services.

Apple has taken a much stricter stance on crypto than its rival Google with its Google Play Store. Over the past few years, Apple has asked several businesses to stop accepting cryptocurrencies on their apps, and temporarily de-listed Coinbase from its app store a few years ago, as part of a broader initiative to crack down on cryptocurrency related activities.

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