Follow Us


Apple Has Its New Guidelines for NFT and Crypto Usage on App Store

Share on facebook
Share on twitter
Share on linkedin


Share on facebook
Share on twitter
Share on linkedin
  • Apple has issued official guidelines regarding crypto and NFTs on the App Store.
  • The company had to face a lawsuit against Epic Games in 2021.
  • Latest crypto and NFT guidelines may give rise to a similar situation in future.

Apple to Repeat The “Epic” Saga Again?

Apple’s App Store has seen only rising figures since 2017, with the platform generating $85.1 Billion in 2021. Recently, the company released their policies concerning crypto assets and non-fungible tokens (NFT) as people around the globe are exploring both the sectors with keen interest.

According to a CNBC report, Apple will approve crypto transactions but only in nations that allow digital asset exchanges to operate. The move indicates compliance towards increasing attempts to regulate virtual currencies around the globe, where the Securities and Exchange Commission (SEC) remains the most lethal watchdog for cryptocurrencies.

Apart from this, the company also revealed the guidelines regarding NFTs. The App Store applications can use the in-app purchases to sell, trade, mint, list and transfer the tokens. But here’s the twist, the organization again lived up to the hopes and restricted the apps to trade NFTs with any third party applications. Yes, something like the “Epic” saga.

In 2021, Epic Games filed a lawsuit against Apple claiming that the company is trying to use false tactics leading to monopolistic practices. Epic Games made some amendments in their payment system to allow the third party applications to conduct transactions on Fortnite. This led Apple to ban the game from the App Store. The company takes 30% fees from the in-app purchases using the App Store.

Regulations regarding crypto assets are okay, but spreading the monopoly in the sector falls under the false market practices. The company has faced it before, and such moves increase chances for the organization to deal with a similar situation in future. However, the court found that Apple wasn’t involved in monopolistic behavior on 9 out of 10 counts.

People are rapidly engaging in the crypto sector, so are the leading organizations globally. Microsoft started accepting Bitcoin primarily for Xbox and Windows stuff in 2014, but the users can purchase the majority of items through crypto assets from the company. Starbucks allows their customers to recharge their cards via virtual currencies for re-use.

Taking our perception to a higher vantage point, most nations are emphasizing on regulating or banning digital currencies, some are more into Central bank Digital Currencies (CBDCs) and some want to treat the assets like their official currency. El Salvador has officially accepted Bitcoin as the country’s legal tender in 2021, while Mexico is exploring ways to do the same.

SEC labeled the cryptosphere as the Wild West in financial space considering the extreme volatility of assets.


Download our App for getting faster updates at your fingertips.


We Recommend

Top Rated Cryptocurrency Exchange

Welcome Back!

Login to your account below

Retrieve your password

Please enter your username or email address to reset your password.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
Update Required Flash plugin