According to Apple’s latest guidelines for developers seeking to have their apps included in the App Store, crypto exchange applications should only facilitate the transfer of crypto funds to approved exchanges. Where payments are needed to unlock features or functionality, Apple says apps may only “use in-app purchase currencies.”
Use of In-App Purchase Currencies is strictly prohibited
In its updated guidelines for apps in the Apple App Store unveiled on October 24, Apple Inc. said crypto exchange apps “may facilitate transactions or transmissions of cryptocurrency on an approved exchange.” In addition, such transactions can only be offered “in countries or regions where the app has appropriate licensing and permissions to provide a cryptocurrency exchange.”
The technology company also clarified that crypto wallet apps “may facilitate virtual currency storage, provided they are offered by developers enrolled as an organization.” However, according to the new guidelines, apps are prohibited from mining crypto and offering “currency for completing tasks, such as downloading other apps.” The only exception to the crypto-mining prohibition is when “the processing is performed off [the] device.”
Besides limiting the use of the crypto-transferring apps, the latest guidelines state that developer apps “may not use their own mechanisms to unlock content or functionality, such as license keys, augmented reality markers, QR codes, cryptocurrencies and cryptocurrency wallets.”
This requirement also applies to digital gift certificates, vouchers or coupons that are redeemable for digital goods. Apps utilizing the App Store’s in-app purchase function are subject to Apple’s 30% fee, which has been criticized by app creators in the past.
Apple stated that apps can use in-app purchases to sell services related to NFT tokens. The technology giant also clarified that app users are allowed “to view their own NFTs” provided their ownership of the tokens “does not unlock features or functionality within the app.”
Apple added:
Users may be able to view NFT collections held by other people through apps, but they must not contain buttons or external links.
In a message directed at developers, Apple insisted the updated guidelines ensured “a safe experience for users to get apps” while also giving all developers an opportunity “to be successful.”
Apple has released new guidelines for crypto apps today (especially web3-based games) on the App Store.
Apple’s policy on NFTs, cryptocurrency, and payments is going to have an enormous impact on the sector.
A 🧵 featuring critical points, my takeaways, and winners/losers based on initial reading:
— Daniel Mason (@dgmason) October 24, 2022
Mobile Players Use NFTs to Access Crypto
However, some critics including angel investor Daniel Mason have said Apple’s latest guidelines show that the tech firm is determined to stop money from going out of its ecosystem. Twitter thread where he offers his thoughts on why Apple has updated its app rules, Mason concedes that the enabling of non-fungible token buying via in-app purchase “paves the way for NFTs as the gateway into crypto for mobile players.”
The angel investor notes, however, that Apple’s prohibition of other purchase methods and the redirecting of users means other providers will not be able to capitalize. He added:
Apple is keen to retain $$$ within the ecosystem. You can’t use other payment solutions or ‘include buttons, external links or other CTAs…’ This makes it hard for other providers to plug in and capitalize.
With respect to Apple’s nod to crypto transfers by apps of licensed crypto exchanges, Mason suggested that this requirement is more of a clarification than a new rule.
Mason says that anyone trying to be competitive with Apple to purchase primary or secondary NFTs are losing. Mason identified some losers as Opensea, Magic Eden, and Moonpay payment ramps as examples.
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