Published: Tue, June 12, 2018
IT&Software | By Alfonso Woods

Apple Bans Apps That Mine Cryptocurrencies

Apple Bans Apps That Mine Cryptocurrencies

After Google, Facebook, and Twitter, now it's time for Apple to join its Silicon Valley counterparts in restricting the crypto industry.

Apple has revealed its revised guidelines in a dedicated section for iOS and MacOS apps centered on the cryptocurrency space. Along with new apps, the guidelines will apply to existing apps as well.

In addition, Apple is giving its full support to cryptocurrency wallet apps, as long as they are "offered by developers enrolled as an organization".

Moreover, Apple is also barring apps from crypto mining activity done within the device. "Apps, including any third party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining".

Six months after crypto exchange Coinbase's app became the number one trending app on the App Store, Apple has now apps to provide wallet services under a caveat.

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. As AppleInsider notes, the Review Guidelines were previously less concerned with cryptocurrencies, allowing an app to facilitate crypto and ICO transactions if it complied with the laws in the app's distributed territories.

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. Any apps that facilitate ICOs, futures trading or other securities must be provided by established banks, securities firms and futures commission merchants (FCMs). Other cryptocurrency-related functions, like managing or trading cryptocoin funds, are still permitted.

Moreover, Apple will no longer allow reward-based crypto marketing with App Store listed apps.

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

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