Apple has published Monday, Oct. 24, the new guidelines for developers that detail how they may deal with blockchain and cryptocurrency on the App Store.

Apple's New Regulations for Crypto

In its amended guidelines, as reported by CNBC, Apple said that applications might support transactions or transfers of cryptocurrency on an authorized platform. However, the software may only be distributed in jurisdictions where the company has obtained the necessary permits and licenses to run a crypto exchange.

For example, apps may not utilize their techniques to unlock information or functionality, including bitcoins or cryptocurrency wallets.

Apple's New Regulations for NFTs

Non-fungible Tokens (NFTs), which may be digital representations of real-world assets like artwork and are often acquired using crypto, have had their regulations clarified by Apple.

According to the rules, applications may provide services, including token minting, listing, and transfers via in-app purchases for NFTs. Access to third-party NFT collections is permitted inside applications, provided these apps do not feature buttons, external links, or other calls to action that steer consumers to buying methods other than in-app purchases.

Therefore, this requires the NFT trading service to use Apple's in-app purchase system.

Also Read: CryptoWatch: Google is Accelerating with Cryptocurrency, HYVE to Allow Freelancers Earn Coins

The Controversial 30% Cut Taken From the App Developers

All in-app purchases made on the iOS platform are subject to a 30% tax by Apple. While this does not outright prohibit NFTs, Apple's 30% cut severely limits the kind of services that may be provided involving NFTs.

If a token does not unlock features or capabilities inside the app, then users may browse the NFTs they own without leaving the app. Users will frequently purchase NFTs as a membership card of sorts for an app or to get access to premium features. But Apple has said that some of these restrictions would not be lifted.

App developers have long complained about Apple's 30% share, claiming that the tech giant has an unfair monopoly on in-app transactions.

Apple claims it can guarantee the safety of applications and payments since it owns the App Store. Moreover, it has been said that the App Store has given rise to a thriving app economy where developers can earn a living.

Apple vs. Epic Games

Previously, Apple and Epic Games, the company that developed Fortnite, were involved in a high-profile legal battle over the 30% cut.

Unfortunately for Epic Games, they lost against Apple. The giant game maker has apparently filed an appeal in the court's judgment, suggesting it wants the fight against Apple to continue.

The smartphone tech giant was awarded 30% of Epic's $12 million income generated by iOS users between August and October 2020.

Meanwhile, the cryptocurrency market as a whole has lost around $2 trillion from its November peak, illustrating the price volatility and difficulty of the last 12 months.

Read Also: Apple Will Increase App Store Prices in Europe and Asia by October 2022

This article is owned by Tech Times

Written by Trisha Kae Andrada