Apple has revised its Cryptocurrency rules

Apple through its App Store has changed its rules when it comes to cryptocurrency Apps which can be downloaded from its platform. Apple’s App Store is one of the most popular app marketplace having more than 780,000 gaming apps and more than 2.3 million non-gaming apps. The new rules were brought up after a developer’s union where developers wanted Apple to publish their free apps. The meeting was successful as they managed to convince Apple.

The new rule requires crypto apps to adhere to the following detailed criteria which include ICOs, Wallets, Exchanges and cloud mining platforms. According to the description, all apps which use Iphone’s Chipset to mine digital currencies are banned and can only be allowed if the app doing the mining is doing it off the device like cloud mining.

The new rules detailed that: “Wallet applications can facilitate cryptocurrency storage provided they are offered by registered organizations. More to that Exchange applications can facilitate crypto transactions on an approved exchange as long as they are offered by the exchange itself. On the other hand, ICO Apps facilitating, ICOs, crypto futures trading and other quasi-securities trading must be generated from established banks, futures commission merchants and securities firms and must comply with all applicable law.”

The company went on to state that: “Digital currency apps are not allowed to offer currency for completing jobs like downloading other applications or even encouraging users to download their applications.” Appstore rules have been very strict about cryptocurrency. In fact, they are stricter than all other marketplaces like Google Play.

Apple has been making very hurtful decisions when it comes to cryptocurrencies. 4 years ago Apple removed all apps related to Bitcoin before it asked companies to remove crypto assets like Dash off their applications. There have been many crypto related apps published and the Appstore on daily basis but the latest rules may affect them all. This will include all the future apps.

Many social media companies are having problems with cryptocurrency platforms because of their volatile nature and the fact that they are associated with many illegal activities and transactions. One of them is Google which already banned all crypto related ads. They blamed the manipulation nature of cryptocurrency for the move. They were closely followed by Facebook and Instagram which also banned such ads. The future looks bright for cryptocurrency but regulation may help the sector become better.