Apple's App Store To Host New Support For Cryptocurrencies

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Moreover, Apple is also barring apps from crypto mining activity done within the device.

Apple showcased a range of new software titles like iOS 12 and macOS 10.14 Mojave during its brief WWDC 2018 keynote speech last week, then, in the days thereafter, the company went on to spend a wealth of hands-on time engaging with iOS, macOS and other developers, familiarizing them with all the new features and capabilities coming later this year to Apple products.

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Apple has revealed its revised guidelines in a dedicated section for iOS and MacOS apps centered on the cryptocurrency space.

This isn't the first time that the iPhone maker has taken action against mining apps.

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. Spotted by AppleInsider, the new rules say that "apps, including any third part advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining". This hints that the decision to ban mining apps from the App Store could have been taken to preserve battery performance.

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Apple additionally wants to ensure the seriousness of Initial Coin Offerings, cryptocurrency futures trading, and other crypto-securities or quasi-securities trading.

Four years ago, Apple removed every single bitcoin wallet application on its App Store, including popular wallet app Blockchain.

In July 2017, Apple 'approved' Dash as a cryptocurrency.

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Wallets coded by developers enrolled as an organisation are also allowed, as are apps that facilitate transactions or transmissions of cryptocurrencies, provided these are offered by the exchanges in question. The app even made it to number 3 in the finance category of the App Store before Apple pulled it down. Exchanges can offer fully-featured apps offering trading abilities, as long as the apps are issued by the exchanges themselves and not third parties.

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