Apple Relaxes App Store Rules, Boosting Crypto Market

Apple has recently made significant changes to its App Store policies, which could have substantial implications for the cryptocurrency market. The tech giant, under the leadership of CEO tim Cook, has been ordered to relax certain restrictions on app developers, allowing them greater freedom to direct users to alternative purchasing methods, including digital collectibles like bitcoin, crypto, and non-fungible tokens (NFTs).

This shift comes after a judge ruled in favor of Epic Games in their long-standing legal battle with apple. The ruling prohibits Apple from collecting fees on purchases made outside of iOS apps and restricts how developers can guide users to make purchases outside of the app ecosystem. Apple has indicated its intention to appeal the decision, which is currently only applicable in the United States.

Following the ruling, Apple sent an email to iOS developers, informing them that apps on the U.S. storefront are no longer prohibited from including buttons, external links, or other calls to action that allow users to browse crypto-based NFT collections owned by others. This change also lifts the restriction on encouraging users to use purchasing methods other than in-app purchases.

Ask Aime: How would Apple's App Store policy change impact the cryptocurrency market?

Crypto developers have welcomed the update, with some predicting that it could spur a significant boom in the bitcoin price and the broader crypto market. Phil Kwok, cofounder of crypto education and rewards app EasyA, highlighted the impact of this change, stating that it will pave the way for a flood of blockchain adoption. He noted the numerous times their app had been flagged for compliance simply because it mentioned crypto, indicating the previous barriers to entry for crypto-related apps.

Wojciech Kulikowski, a software engineer at Farcaster, described the loosened restrictions as potentially triggering a "generational golden consumer crypto bull run." He added that it will allow for more experimentation with crypto-native mobile apps that were previously often blocked from the Apple iOS App Store. This change could enable apps to accept crypto payments directly, bypassing the 30% fee typically charged by the Apple app store. This development is seen as a significant step forward for the integration of mobile wallets, allowing users to spend their crypto directly without incurring additional fees.