Apple Concedes To Developers with New Rules for Crypto Apps

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.

New Wirex Visa Card Offers Users Cryptocurrency Rewards

A new Visa card launched by borderless payment platform Wirex rewards users with 1.5% back in bitcoin on all in-store purchases, allowing users to earn crypto rewards for using it.

According to a press release shared with CryptoGlobe, Wirex announced its new Visa Travelcard at the Singapore FinTech Festival. The card supports more than 150 currencies and processes cryptocurrency exchanges to fiat currency before transacting on the visa network.

It’s reportedly supported anywhere Visa is accepted and allows for free ATM withdrawals. Wirex touts its “first in the world” program allowing users to earn cashback in cryptocurrency. Per the firm the first 2,000 to order and activate a Wirex Travelcard will receive 20 Nano.

To get users onboard Wirex is removing management and traditional currency exchange fees for a limited period. The card is set to be available across the Asia-Pacific region. The firm’s CEO Pavel Matveev was quoted as saying it “witnessed an explosion in demand for hybrid fiat and crypto-enabled banking alternatives in APAC, where people need payments redesigned for the future.”

Wirex is one of the only cryptocurrency-related companies in the world to have been granted a UK FCA e-money license. Earlier this year it launched the WXT token on OK Jumpstart, OKEx’s IEO platform.

The firm’s announcement added it’ll soon release a “revolutionary selection of fiat-backed stablecoins.” Wirex is one of various fintech firms entering the crypto space. Revolut, for example, added stop orders for trading BTC, ETH, and BCH and others earlier this year.

Featured image by Nathan Dumlao on Unsplash.