The technology company has explained its App Store rules concerning nonfungible tokens and cryptocurrency exchanges, indicating the first time that specific NFT rules have been codified.

The new regulations clarify how NFT transactions will be taxed, what they can and cannot be used for, and when a cryptocurrency exchange app can be outlined.

The guidelines were updated on October 24 with language that allows for in-app purchases of NFTs but prohibits any NFTs obtained elsewhere from being used for any purpose other than viewing.

It also enables applications to sell and sell services connected to NFTs, such as minting, listing, and transferring, through in-app purchases.

However, the tech giant appears to be doubling down on its NFT Apple tax, which includes in-app NFT purchases in its standard 30% commission rate on all purchases, by requiring all NFT purchases to be made in-app.

Apps will not be permitted to include buttons, external links, or other calls to action, which may allow users to avoid app-store commissions when purchasing NFTs. It also forbids apps from employing mechanisms such as QR codes, cryptocurrencies, and cryptocurrency wallets to unlock content or functionality within an app.

The new rules come after the company was chastised for charging a 30% commission on NFT sales made through NFT marketplace like OpenSea, a move deemed hideously overpriced compared to the typical 2.5% commission on NFT transactions.

After learning of the policy, Magic Eden said it eliminated its service from the App Store. Other NFT marketplaces have reduced their capabilities, with consumers only able to scroll and view their bought NFTs.

Its guidelines also prohibit using cryptocurrency for sales, only allowing fiat currency purchases with a valid payment option such as debit or credit cards.

The proposed rules make no adjustments to the company’s current policy on cryptocurrency trading apps offered by exchanges like Binance and SokuSwap, where trades are exempt from the 30% Apple tax.

Nevertheless, a new framework was incorporated to specify that cryptocurrency exchange apps can only be provided in their app in countries or regions where it has the necessary licensing and privileges to offer a cryptocurrency exchange.

What do you think of Apple's new rules? Do you think it's reasonable for the company to geo-limit exchanges? Let us know your comments by sharing this article on social media.

Posted 
Oct 25, 2022
 in 
Crypto News
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