Apple's App Store To Host New Support For Cryptocurrencies

Apple CEO Tim Cook

Apple Updates App Store Guidelines, Tightens Rules for Crypto-Related Apps

To keep its hardware, think iPhones, from draining battery or computing power, Apple has now forbid app developers from including any 3 party advertisements that run cryptocurrency mining.

Apple has updated the Review Guidelines for the App Store and the company has banned the apps that mine cryptocurrency on its devices across Apple platform.

News about Apple's changes to the App Store aren't likely to play particularly well.

Aside from banning crypto mining on its devices, Apple also outlined the general use of cryptocurrencies. Apps may "facilitate transactions or transmissions of cryptocurrency on an approved exchange, provided they are offered by the exchange itself", although apps facilitating Initial Coin Offerings ("ICOs") must originate from "established banks, securities firms, futures commission merchants ("FCM"), or other approved financial institutions". As per Apple Insider, Apple's crypto-related guidelines were originally created in 2014 after the app store unlisted Coinbase and other cryptocurrency apps stating some unresolved issue. "Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally", Twitter said.

Apple Updates App Store Guidelines, Tightens Rules for Crypto-Related Apps

Technology giant Apple has announced it is opening its Health Records application programming interface (API) to developers in the US.

Apple's tough stance on mining is probably for the best.

The upshot of the new rules is that while Apple will permit cryptocurrencies to exist on its platforms, it's adding requirements to stop scammers and individuals from exploiting App Store customers, while making explicit that it's blocking developers from eating Apple device processing power for mining activities. This makes sense as in last December, Apple accidentally listed a fake version of the widely-used MyEtherWallet app in the App Store. Finally, cryptocurrency apps can't offer currency as a reward for downloading other apps, posting to social networks or encouraging other users to download apps.

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