Apple is cracking down cryptocurrency activity on its devices. Apple released new App Store guidelines last week at its Worldwide Developers Conference. They ban cryptocurrency mining on iOS and Mac.
This is the first time Apple has made clear its position on cryptocurrency apps. This comes amid a lot of interest in cryptocurrency like bitcoin. As each transaction is secure, they are rewarded.
Apple stated this under the Hardware Compatibility section of its App Store Policy.
“Apps and any third-party ads displayed within them may not run unrelated background processing such as cryptocurrency mining,”
It outlines five rules:
Apple will accept virtual currency wallet apps as long as they are offered by organizations that are registered as developers.
Only cryptocurrency mining apps are allowed.
Apps are able to help users trade, pay, or receive cryptocurrency via an approved exchange. However, the apps must come from the exchanges.
Apps involved in initial coin offerings or bitcoin futures trading or any other cryptocurrency securities trading must also be approved by banks, financial institutions, and firms. They must also be legal.
The only thing that cryptocurrency apps cannot offer is virtual currency for tasks such as downloading other apps, encouraging other users to use the app, and boosting social media activity.
This will not all be bad news for crypto investors. As long as the apps are not issued by third parties, exchanges can offer trading apps with full-featured functionality.