Apple Reveals New App Store Rules for Cryptocurrencies and NFTs
Apple has updated its App Store Review Guidelines with more rules for crypto assets and non-fungible tokens (NFTs).
According to updates published on Monday, the tech giant has no problem with crypto exchanges or any other applications that allow the trading of digital tokens and currencies, given that those platforms have the requisite regional licenses to operate where the app is distributed.
"Apps may facilitate transactions or transmissions of cryptocurrency on an approved exchange, provided they are offered only in countries or regions where the app has appropriate licensing and permissions to provide a cryptocurrency exchange,” the guidelines state.
Moreover, apps can sell digital tokens, but they should not unlock additional features or content and “may not include buttons, external links, or other calls to action that direct customers to purchasing mechanisms other than in-app purchase.”
“Apps may use in-app purchase to sell and sell services related to non-fungible tokens (NFTs), such as minting, listing, and transferring,” the new guidelines read. “Apps may allow users to view their own NFTs, provided that NFT ownership does not unlock features or functionality within the app.”
This might leave a very bad 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 instance, Bored Ape Yacht Club NFTs offer holders access to a number of different communication channels, merchandise, and even physical clubs.
The App Store Review Guidelines are like the users' guide to creating and publishing apps to the App Store. A violation of these policies could result in app rejection or removal.
Apple Holds 30% Tax Despite Backlash from the Community
Furthermore, the tech giant has upheld its 30% Apple Tax on in-app crypto purchases and peer-to-peer NFT trading. This comes despite numerous calls from the crypto community to exempt the NFT fee, which restricts in-app NFT functionality.
In late September, The Information reported that Apple’s harsh fee policies are keeping NFT marketplaces and digital creators away from its ecosystem. The report further claimed that it is also causing projects to abandon NFT integrations outright.
Epic Games CEO and crypto supporter Tim Sweeney have also lashed out at the tech giant for its fee mechanism. On September 26, Sweeney tweeted that the company is “killing all NFT app businesses it can’t tax” by “crushing another nascent technology that could rival its grotesquely overpriced in-app payment service.”