Apple has made revisions to its crypto App rules following lobbying from developers. The new rules will apply to all cryptocurrency apps that can be downloaded on its AppStore.
Apps that mine cryptocurrencies using the iPhone’s chipset are strictly barred allowing only those that do not perform crypto mining.
The new guidelines deal with everything from ICOs to mining and the revised rules state:
- Wallets: Apps may facilitate virtual currency storage, provided they are offered by developers enrolled as an organization.
- Mining: Apps may not mine for cryptocurrencies unless the processing is performed off device (e.g. cloud-based mining).
- Exchanges: Apps may facilitate transactions or transmissions of cryptocurrency on an approved exchange, provided they are offered by the exchange itself.
- Initial Coin Offerings: Apps facilitating Initial Coin Offerings (“ICOs”), cryptocurrency futures trading, and other crypto-securities or quasi-securities trading must come from established banks, securities firms, futures commission merchants (“FCM”), or other approved financial institutions and must comply with all applicable law.
- Cryptocurrency apps may not offer currency for completing tasks, such as downloading other apps, encouraging other users to download, posting to social networks, etc.
Reports state that a group called ‘The Developers Union’ requested relaxed guidelines.
Apple also wants developers to design their Apps to use power efficiently and requires that developers ensure Apps don’t rapidly drain batteries, generate excessive heat, or put unnecessary strain on device resources. Lastly, they must not include any third party advertisements displayed within them.
Apple’s App rules will affect a number apps already featured on Apple’s App Store, and all cryptocurrency applications looking to be published in the future.