Cryptocurrency & Blockchain Business

Apple Updated It’s Guidelines for Apps Relating Cryptocurrency

Without much announcements Apple quietly updated it’s set of rules regarding App submissions for review in AppStore.

The new set of rules also apply to existing apps which can be taken out if failed to comply with the latest version of Apples Guidelines.

One clear inclusion with the new revision is a section regarding Cryptocurrency that appeared within the Business section, more precisely Section  3.1.5 (b) Cryptocurrencies.

Where are the updated cryptocurrency related rules:

  • (i) Wallets: Apps may facilitate virtual currency storage, provided they are offered by developers enrolled as an organization.
  • (ii) Mining: Apps may not mine for cryptocurrencies unless the processing is performed off device (e.g. cloud-based mining).
  • (iii) Exchanges: Apps may facilitate transactions or transmissions of cryptocurrency on an approved exchange, provided they are offered by the exchange itself.
  • (iv) 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.
  • (v) Cryptocurrency apps may not offer currency for completing tasks, such as downloading other apps, encouraging other users to download, posting to social networks, etc.

Worth mentioning is also a note on energy consumption in section 2. Performance, witch address cyptocurrency mining:

  • 2.4.2 Design your app to use power efficiently. Apps should not rapidly drain battery, generate excessive heat, or put unnecessary strain on device resources. Apps, including any third party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining.

The complete guidelines can be viewed here.

Do you think these new rules are beneficial on keeping a safer environment for crypto? Let us know on the comments section.

 

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