Apple With New App Store Rules for Crypto but There’s a Catch
October 26, 2022
Apple users will be able to enjoy certain NFT features on their devices, according to the firm’s latest update on the matter.
However, the Cupertino, California-based giant wants to keep control over the entire process.
- The new guidelines updated by the company on Monday provided more information on how it sees the entire crypto industry, including exchanges and non-fungible tokens.
- Apple can work with trading venues as long as they have been licensed by the local watchdogs where the App Store operates.
- The situation gets a bit more complicated once it comes down to in-app purchases. Should any crypto or NFT platforms want to sell such services, they need to comply with all Apple requirements and systems.
- This could mean that they are unable to “include buttons, external links, or other calls to action that direct customers to purchasing mechanisms other than in-apple purchase.”
- The tech behemoth is known for charging a 30% fee on any payments that go through its system.
- The NFT community was rather unhappy about this update, but on the other hand, the industry could receive a massive boost given Apple’s size and stature, being the largest company by market cap, with a notable difference from its followers.