Apple Updates App Store Guidelines For Crypto And NFTs: Here's What It Means

Apple Inc. (NASDAQ: AAPL) has updated its policy review guidelines for its App Store when it comes to non-fungible tokens, or NFTs, and cryptocurrencies such as Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: ETH).

What Happened: The changes to the policy are mostly related to in-app purchases, with Apple restricting the use of cryptocurrencies as an alternative payment mechanism.

“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,” said the Cupertino-based tech giant.

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Apple said in rule 3.11 of its update that Apps could use in-app purchases to sell NFTs and related services. Similarly, Apps can allow users to view their owned NFTs provided “NFT ownership does not unlock features or functionality within the app.”

In another revision, Apple said apps may “facilitate” transactions or transmissions of cryptocurrencies through an approved exchange provided they are offered in countries and regions where the app “has appropriate licensing and permissions to provide a cryptocurrency exchange.”

Why It's Important: Apple loosened the rules of its iOS App Store to allow for more freedom on how developers can communicate with customers in September 2021.

Some of the largest cryptocurrency exchanges such as Binance and Coinbase Global Inc.’s (NASDAQ: COIN) platforms are present on the App Store.

Benzinga’s Take: While Apple has largely remained quiet on Blockchain technology and its App Store, job postings have given rise to the speculation that the Tim Cook-led company could be interested in cryptocurrencies.
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