Apple’s new updated rules and guidelines are intended to regulate crypto-related apps, mainly if the apps were a cryptocurrency wallet, facilitated initial coin offerings, a cryptocurrency exchange or mined cryptocurrencies.
Cryptocurrency Apps Safe
An example of this is scam apps that mine crypto-coins in the background of user’s mobile devices. Apple stated that applications would not be able to conduct such operations in an unauthorized way.
New Guidelines for Cryptocurrency Apps
According to the guidelines, mining apps “may not mine for cryptocurrencies unless the processing is performed off device (e.g., cloud-based mining).”
As for cryptocurrency wallet apps, they “may facilitate virtual currency storage, provided they are offered by developers enrolled as an organization.”
The cryptocurrency exchange apps “may facilitate transactions or transmissions of cryptocurrency on an approved exchange, provided they are offered by the exchange itself.”
The apps concerning “initial coin offerings (ICOs), cryptocurrency futures trading, and other crypto-securities or quasi-securities trading must come from established banks, securities firms, futures commission merchants (FCM), or other approved financial institutions and must comply with all applicable law.”
Finally, Apple ended its crypto-related policies stating that “cryptocurrency apps may not offer currency for completing tasks, such as downloading other apps, encouraging other users to download, posting to social networks, etc.”
Even though these cryptocurrency application rules do not have a significant impact on many existing crypto apps, it certainly highlights Apple’s focus and careful assistance in the crypto world.