Apple issues updated guidelines for Crypto and NFT Payments October 27, 2022
Apple issues updated guidelines for Crypto and NFT Payments <br><br><br>
Apple issues updated guidelines for Crypto and NFT Payments
- Apple clarifies its much-debated stance on NFTs
- 30% “Apple Tax” on in-app NFT purchases
- Crypto-exchange apps need to have the necessary regional permissions & licenses
- NFT sales have to go through Apple’s in-app purchase system
Apple inc updated its policy toward crypto trading and NFTs on Monday. In the month of September 2022, the company allowed Apps to trade NFTs on the App store for a 30% fee, now they have explained the policy around these assets and the payments made through cryptocurrencies and non-fungible tokens in a more precise manner.
Due to the tech giant’s high transaction fee on NFTs, developers and creators are keeping away from its ecosystem or completely abandoning NFT integration. It was already in the discussion how Apple’s App store policies are squeezing Non-fungible token startups.
Now Apps available on the App store can trade in digital assets only when they have the required regional licenses to operate where the app is distributed.
The App Store Review Guidelines have been updated “To support new features in upcoming OS releases, better protect customers, and help your apps go through the review process as smoothly as possible.”
According to the guidelines, “Apps may not use their own mechanisms to unlock content or functionality, such as license keys, augmented reality markers, QR codes, cryptocurrencies and cryptocurrency wallets, etc.”
They made it all clear for the developers and users that “Apps may use in-app purchase to sell and sell services related to non-fungible tokens (NFTs), such as minting, listing, and transferring. Apps may allow users to view their own NFTs, provided that NFT ownership does not unlock features or functionality within the app.”
Moreover, the tech giant has also rejected pleas to exempt a 30% fee on NFT trading.
The updated guidelines read, “Apps may allow users to view their own NFTs, provided that NFT ownership does not unlock features or functionality within the app.” Additionally, “Apps may allow users to browse NFT collections owned by others, provided that the apps may not include buttons, external links, or other calls to action that direct customers to purchasing mechanisms other than in-app purchase.”Apple has also revised the 3.1.5(iii) mentioned in the App Store Review Guideline updates to add cryptocurrency exchanges. “Apps may facilitate transactions or transmissions of cryptocurrency on an approved exchange, provided they are offered only in countries or regions where the app has appropriate licensing and permissions to provide a cryptocurrency exchange.
Many Crypto trading platforms such as Coinbase and Binance are already available on the App Store. The updates on the guidelines seem strict and tight, though this will help developers to work along the same lines. Moreover, now Apple iPhone and iPad users will still be able to display, browse and share their NFT collection with others in apps.