Apple’s App Store To Host New Support For Cryptocurrencies

The tech giants of the world (and probably the entire galaxy), Apple, have recently updated the rules and regulations for developers who wish to develop applications which will be available for download on the Apple App Store. These applications will in theory, go on to be available on iOS and OSX devices and thus, any apps uploaded to the App Store should be considered to have the potential to be received and used by an awful lot of people. Put it this way, in Q2 of 2018 (which is still on-going) Apple have reportedly sold 52.2 Million iPhones. That’s 52.2 Million news homes for the wealth of App Store apps that are being created, under these new Apple guidelines. You can see the full list of guidelines for yourself, here- https://developer.apple.com/app-store/review/guidelines/ Why are we reporting this? Well, a key part of the new guidelines discusses cryptocurrencies and how cryptocurrencies and blockchain technologies can be integrated into new app development for the Apple App Store. As the full guidelines are pretty long and tedious, here’s what Apple have to say regarding cryptocurrencies specifically: 3.1.5 (b) Cryptocurrencies:  

• “(i) Wallets: Apps may facilitate virtual currency storage, provided they are offered by developers enrolled as an organization.”
• “(ii) Mining: Apps may not mine for cryptocurrencies unless the processing is performed off device (e.g. cloud-based mining).”
• “(iii) Exchanges: Apps may facilitate transactions or transmissions of cryptocurrency on an approved exchange, provided they are offered by the exchange itself.”
• “(iv) Initial Coin Offerings: 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.”
• “(v) Cryptocurrency apps may not offer currency for completing tasks, such as downloading other apps, encouraging other users to download, posting to social networks, etc.”

These guidelines are pretty conclusive. The promising thing here is that Apple seem very open to the idea of new apps being produced which will integrate the use of cryptocurrencies. This includes the production of wallets and the production of apps for cloud-based mining (no apps will be permitted that allow local mining on iPhones specifically). Next, Apple plan on allowing cryptocurrency exchange applications and they even want to allow apps that facilitate initial coin offerings (ICO’s), providing they comply with local laws. The only limitation that Apple are putting down is that no apps will be allowed that encourage payments of cryptocurrencies or the incentivisation of cryptocurrencies to people who download certain apps or advertise certain cryptocurrency-based apps. If you haven’t worked it out yet, this news is very good news and will see some brand-new cryptocurrency-based applications go live on the App Store. It’s good news for developers, investors and fans alike and could potentially have great implications for the wider cryptocurrency community too.