Apple tightens its rules on crypto and NFTs in its App Store – Reuters

Apple has clarified its App Store policy on cryptocurrencies and non-fungible tokens (NFTs).

Pavlo Gonchar | Sopa Pictures | Light flare | Getty Images

Apple clarified its rules on cryptocurrencies and non-fungible tokens (NFTs) indicating what apps are allowed to do with these technologies.

Regarding crypto exchanges, Apple said in updated App Store rules on Monday that apps can facilitate “transactions or transmissions of cryptocurrency on an approved exchange.” But the app can only be offered in countries or regions where it has a license and permission to operate a crypto exchange.

“Apps cannot use their own mechanisms to unlock content or functionality,” such as cryptocurrencies or cryptocurrency wallets.

Apple has clarified the rules on NFTs, which can be a digital representation of a real asset such as a work of art and are typically purchased using cryptocurrency.

The guidelines say apps can use in-app purchases to sell NFTs and sell services related to them, such as minting, listing, and transferring those tokens. Apps may also allow users to browse NFT collections owned by others as long as the apps “do not include buttons, external links, or other calls to action that direct customers to purchase other than the in-app purchase”.

All of this means that any type of NFT trading service must use Apple’s built-in payment mechanism. Apple takes up to 30% off in-app payments. While this in no way prohibits NFTs, it does place a major restriction on the type of services that can be offered involving NFTs, given the 30% slice Apple takes.

Users can view NFTs they own in an app as long as the token does not “unlock app features or functionality.” Users often buy NFTs to access exclusive parts of a service or even as a sort of membership card for an app. But Apple says some of that won’t be allowed.

Apple’s 30% cut has long been criticized by app makers who accuse the tech giant of exercising a monopoly on in-app purchases. Apple argues that controlling the App Store allows it to keep apps and payments secure. He also said that the App Store has spawned a successful app ecosystem for developers to earn money from.

The 30% discount was the subject of a high-profile lawsuit between Fortnite developer Epic Games and Apple.

Cryptocurrencies have had a volatile and difficult year, with the overall market losing around $2 trillion since its peak in November.

We would love to thank the writer of this short article for this incredible web content

Apple tightens its rules on crypto and NFTs in its App Store – Reuters

Our social media profiles here , as well as other pages related to them here.