Apple Publishes Revised Cryptocurrency, ICO Guidelines for App Store

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Apple Publishes Revised Cryptocurrency, ICO Guidelines for App Store

Along with new apps, the guidelines will apply to existing apps as well.

The Cupertino-based firm has updated its rules for publishing apps on the App Store and has specially mentioned cryptocurrency-related apps. Under the mandated rules.

The ban is clearly spelled out in the new set of developer guidelines for the App Store released during Apple Worldwide Developers Conference (WWDC), which took place last week. The section also bans apps and any third-party ads from running "unrelated background processes, such as cryptocurrency mining".

Apple has also outlawed apps from mining cryptocurrencies on the device altogether.

Preventing cryptocurrency mining is crucial on iOS because this untethered mining operations can easily overheat or destroy batteries -or even devices if the battery case deforms, leaks, or catches fire.

On Monday June 4, Apple expanded on those crypto-centric guidelines with several key inclusions into specific functionalities like wallet storage and mining for apps on its App Store platform. These conditions extend to apps providing cryptocurrency futures trading, and other crypto-securities or quasi-securities trading.

If you haven't worked it out yet, this news is very good news and will see some brand-new cryptocurrency-based applications go live on the App Store.

Apple has previously blocked apps for supporting cryptocurrencies it disapproves of. Wallet apps for crypto are fine, as long as the developer is enrolled as an organization.

The guidelines do allow apps that facilitate ICOs, as long as they work with established banks and follow all applicable compliance laws. The company took this step after hidden cryptocurrency mining has become the most popular cybercrime trend among malware developers this past year.

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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