Apple's App Store To Host New Support For Cryptocurrencies

Tim Cook

Apple's App Store To Host New Support For Cryptocurrencies

This includes the production of wallets and the production of apps for cloud-based mining (no apps will be permitted that allow local mining on iPhones specifically).

As bitcoin prices peaked near $20,000 in December 2017, Apple unveiled a new section of guidelines specific to cryptocurrencies and ICOs on December 20.

The tech giants of the world (and probably the entire galaxy), Apple, have recently updated the rules and regulations for developers who wish to develop applications which will be available for download on the Apple App Store.

In perhaps somewhat related news, Bitcoin (and most other cryptocurrencies) have fallen almost 8% in value over the last day, following the hack of South Korean crypto exchange Coinrail over the weekend. It comes amid explosive interest in cryptocurrencies like bitcoin, which are "mined" when people use multiple devices to solve complex mathematical problems that lock and unlock information in the blockchain.

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The guidelines reference cryptocurrency mining in two places, in a section about power efficiency (2.4.2) and a separate Cryptocurrencies section (3.1.5).

Apply didn't immediately respond to request for comment.

In sticking with the original mandate, only mainstream banks and similar financial institutions will be allowed to develop and publish apps enabling crypto futures trading and initial coin offerings, Apple said. "Apps, including any third party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining", the new guideline reads. News about Apple's changes to the App Store aren't likely to play particularly well.

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. Any apps that facilitate ICOs, futures trading or other securities must be provided by established banks, securities firms and futures commission merchants (FCMs). 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.

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