Apple's App Store To Host New Support For Cryptocurrencies

GoodNotes 4 notebook with Apple Pencil on iPad Pro

GoodNotes 4 notebook with Apple Pencil on iPad Pro

"Apps may not mine for cryptocurrencies unless the processing is performed off device (e.g. cloud-based mining)", Apple notes.

For those interested in cryptocurrencies, don't expect to do any mining via apps installed on the iPhone.

In perhaps somewhat related news, Bitcoin (and most other cryptocurrencies) have fallen almost 8% in value over the last day, following the hack of South Korean crypto exchange Coinrail over the weekend. That's 52.2 Million news homes for the wealth of App Store apps that are being created, under these new Apple guidelines.

Some of this will actually be good news for crypto investors. Apple allows apps like Coinbase and Robinhood to enable users to trade Bitcoin, Ethereum, and other cryptocurrencies, so it's not a complete ban on mobile crypto.

Apple just released a new set of guidelines for iOS app developers, with a number of changes that impact the world of cryptocurrency.

On Monday June 4, Apple expanded on those crypto-centric guidelines with several key inclusions into specific functionalities like wallet storage and mining for apps on its App Store platform.

Two sections have been updated in the new App Store Review Guidelines -section 2.4.2 (Hardware Compatibility) and 3.1.5 (b) (ii) (Cryptocurrencies). These conditions extend to apps providing cryptocurrency futures trading, and other crypto-securities or quasi-securities trading.

Addressing the rising frauds with the unregulated initial coin offering-based (ICO) fundraising technique, Apple is now only allowing apps from established banks, securities firms, futures commission merchants ("FCM"), or other approved financial institutions.

Four years ago, Apple removed every single bitcoin wallet application on its App Store, including popular wallet app Blockchain.

Apple is also cutting down on third-party apps providing crypto transactions on approved exchanges. 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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