Home Business News Apple’s New Guidelines Ban Cryptocurrency Mining On iOS

Apple’s New Guidelines Ban Cryptocurrency Mining On iOS

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Applications are changing the world, says Apple and they are also making our lives richer. They enable developers to create innovations like never before.

This is why the App Store managed to grow into an exciting ecosystem for millions of developers all over the world and more than a billion users.

Apple supports submitting apps in the App Store but developers have to follow guidelines that will help them sail through the App Review Process.

Apple just released a brand new set of guidelines for iOS and developers with a few changes that will impact the world of crypto.

New rules ban all apps from mining cryptos 

These new rules seem to be banning any app from directly mining crypto.

Apple says that apps, including third-party ads displayed within them, are not allowed to run unrelated background processes such as crypto mining.

The new guidelines will, on the other hand, allow apps that facilitate ICOs as long and they work with established banks and follow all the applicable compliance laws.

More than that, Apple is offering full support to crypto wallet apps just as long as they’re offered by developers who are enrolled as an organization.

Here are the new rules regarding cryptocurrencies.

3.1.5 (b) Cryptocurrencies

(i) Wallets: Apps may facilitate virtual currency storage, provided they are offered by developers enrolled as an organization.

(ii) Mining: Apps may not mine for cryptocurrencies unless the processing is performed off device (e.g. cloud-based mining).

(iii) Exchanges: Apps may facilitate transactions or transmissions of cryptocurrency on an approved exchange, provided they are offered by the exchange itself.

(iv) Initial Coin Offerings: Apps facilitating Initial Coin Offerings (“ICOs”), cryptocurrency futures trading, and other crypto-securities or quasi-securities trading must come from established banks, securities firms, futures commission merchants (“FCM”), or other approved financial institutions and must comply with all applicable law.

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

You can read the whole post on Apple’s official website.

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