Apple Updates Guidelines, Restrictions For Cryptocurrency Apps

The popularity of cryptocurrencies has become undeniable, so Apple has revised its guidelines for cryptocurrency-related apps on its App Store.

Apple expects its new guidelines and restrictions to help developers become confident in submitting their apps for review. The revision of the guidelines is Apple’s response to requests from a group called The Developers Union, according to Patently Apple.

“Whether you are a first time developer or a large team of experienced programmers, we are excited that you are creating Apps for the App Store and want to help you understand our guidelines so you can be confident your App will get through the review process quickly,” Apple said in its announcement.

“Apps may facilitate transactions or transmissions of cryptocurrency on an approved exchange, provided they are offered by the exchange itself. 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 tech giant continued

Apple specified that cryptocurrency-related apps, such as crypto exchanges, ICOs, wallets and cloud mining platform apps should adhere to the new guidelines. Apple is also barring iOS apps that mine cryptocurrencies using iPhone chipsets. Only those that perform cloud-based mining are allowed.

Another revision states, “Wallet Apps may facilitate virtual currency storage, provided they are offered by developers enrolled as an organization. Exchange Apps may facilitate transactions or transmissions of cryptocurrency on an approved exchange, provided they are offered by the exchange itself.”

Apple has also made it clear that apps facilitating Initial Coin Offerings (ICOs), cryptocurrency futures trading and other quasi-securities trading should only come from established banks, securities firms, futures commission merchants and other approved financial institutions in compliance with all applicable law.

Apple has always maintained a tough rule on crypto-related apps on its App Store. It has stricter guidelines than any other marketplace that offers crypto apps for that matter. Four years ago, the Cupertino giant even removed all Bitcoin-related apps, as pointed out by Cryptona.