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12 June 2018, 07:58 | Jodi Jackson
Apple's App Store To Host New Support For Cryptocurrencies
The upshot of the new rules is that while Apple will permit cryptocurrencies to exist on its platforms, it's adding requirements to stop scammers and individuals from exploiting App Store customers, while making explicit that it's blocking developers from eating Apple device processing power for mining activities.
"Apps should not rapidly drain battery, generate excessive heat, or put unnecessary strain on device resources", the company stated in the paragraph banning cryptocurrency mining processes from running in the background.
Apple already saw some of the apps available through its store mine cryptocurrency on users' devices in exchange for some premium features.
The iPhone isn't a great cryptocurrency miner, especially compared to special mining machines, but that doesn't mean that a surreptitious app couldn't mine tokens like Monero in the background.
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Addressing the rising frauds with the unregulated initial coin offering-based (ICO) fundraising technique, Apple is now only allowing apps from established banks, securities firms, futures commission merchants ("FCM"), or other approved financial institutions.
Apple has previously blocked apps for supporting cryptocurrencies it disapproves of.
"We'll continue to accept submissions to the Gallery until the end of 2018", said Shloka Kini, an Apple Developer Publications team member. Wallet apps for crypto are fine, as long as the developer is enrolled as an organization. In a dedicated cryptocurrency section, the company goes on to break down in more detail what is - and, crucially, is not - permissible.
Cryptocurrency apps may not offer currency for completing tasks, such as downloading other apps, encouraging other users to download, posting to social networks, etc.
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