Apple has revised its iOS app developer guidelines in response to a recent court ruling, allowing developers greater flexibility in offering external payment methods and enabling purchases of non-fungible tokens (NFTs) from secondary marketplaces. However, certain crypto-related restrictions remain in place for apps on iPhones and iPads.
New Apple Rules Allow Crypto Storage And Transactions
Under the updated rules, apps can facilitate the storage of crypto assets, but only if the developers are part of an organizational enrollment with Apple. Furthermore, while apps are now allowed to facilitate transactions on approved cryptocurrency exchanges, they must do so in compliance with local licensing and regulations.
Specifically, apps may offer virtual currency storage if developed by registered organizations. Cryptocurrency mining is prohibited unless it is conducted off-device, such as through cloud-based services.
Additionally, apps can facilitate cryptocurrency transactions only on approved exchanges and in regions where they have the necessary licenses.
Only established banks and financial institutions may facilitate Initial Coin Offerings (ICOs) and similar trading, ensuring compliance with applicable laws. Moreover, apps cannot reward users with cryptocurrency for completing tasks like downloading other apps or engaging on social media.
Limited Access To Digital Asset Apps In South Korea
Earlier this year, Apple restricted access to 14 crypto apps in South Korea following a request from the Financial Intelligence Unit (FIU), an agency focused on anti-money laundering. This move targeted foreign businesses accused of operating without registration, including exchanges KuCoin and MEXC.
Google Play had similarly removed 17 crypto-related apps earlier this year under the same directive. The FIU’s actions stem from concerns over unregistered platforms, which pose risks such as data breaches and potential money laundering.
Under South Korean law, foreign virtual asset operators must register if they conduct business with local users, including accepting the Korean Won.
Despite these regulatory challenges, South Korea’s domestic cryptocurrency market continues to flourish, with over 16.29 million account holders—nearly a third of the population—engaging with major exchanges like Upbit, Bithumb, and Coinone during the first quarter of the year.
Regulatory attitudes are beginning to shift as well, with the Financial Services Commission announcing plans for a pilot program that will allow 3,500 corporate entities to invest in cryptocurrency by the end of 2025.
The FIU has stated its commitment to blocking unregistered platforms to safeguard users and prevent illicit financial practices.
As Apple implements these new guidelines, it remains uncertain whether they will extend to other regions and if the restrictions currently imposed in South Korea will be lifted.
Featured image from DALL-E, chart from TradingView.com
