Reading Time
~ 2 minutes
Spread the Word

The giant Apple has recently made some changes to App Store’s policies regarding the cryptocurrency-based application. The new conditions are stricter and apply to crypto wallets, exchanges and any related platform to ICOs.

The Apples App Store is one of the world’s famous app marketplaces that contains more than 783,000 gaming applications and 2.3 million apps from other categories. Recently, the marketplace has revised its terms of use for crypto-based apps.

The newly imposed rules will be applied to crypto wallets, crypto exchanges, ICOs and other related apps. “Wallet Apps may facilitate virtual currency storage, provided they are offered by developers enrolled as an organization,” explains Apple’s rules, adding that “Exchange Apps may facilitate transactions or transmissions of cryptocurrency on an approved exchange, provided they are offered by the exchange itself.”

Initial Coin Offering Apps facilitating 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,” according to the revised rules.

Also, one of the new rules places restrictions on several apps already existing in the App Store. Terms of use indicate that applications that promise crypto rewards in exchange for performing several tasks will be forbidden.

Cryptocurrency apps may not offer currency for completing tasks, such as downloading other apps, encouraging other users to download, posting to social networks, etc.,” the last rule quotes.

No wonder the Apple App Store rules are more severe than from other marketplaces such as Google Play. The store acted firmly four years ago when it removed all Bitcoin-based apps, while two years ago it requested specific companies to eliminate virtual assets off their applications.

More and more crypto-based applications appear online, many of which are scams. Check carefully before downloading an application.

Read more articles related to this subject:
Notice: The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.