Apple clarifies App Store rules on NFTs and crypto exchanges

Apple has clarified the App Store rules surrounding non-fungible tokens (NFTs) and cryptocurrency exchanges. The rules touch on the taxes deducted in NFT purchases and how these digital collectibles can be used.

Apple clarifies rules in NFTs and crypto exchanges

This marks the first time that Apple is introducing rules that specifically focus on NFTs. Under the rules, Apple addresses how NFT purchases will be taxed and the scope under which these collectibles can and cannot be used.

Apple has also provided guidelines on when a cryptocurrency exchange app can be listed on App Store. The new guidelines allow in-app NFT purchases but prevent the use of NFTs bought outside the platform.

Apple is also allowing applications to use in-app purchases to offer services such as NFT minting, listing, and transferring. However, the company is also doubling down on the NFT “Apple tax” that will subject NFT purchases to the 30% commission rate charged o all purchases on App Store.

Apps will not be allowed to add external links or call to action that allows users to avoid the commissions charged by the platform when buying NFTs. Apps have also been prevented from using QR codes, cryptocurrencies, and crypto wallets that could be used to access content or an app’s functionality.

Apple’s controversial 30% commission

Apple has been criticized for the 30% commission charged on NFT sales done through platforms such as OpenSea and MagicEden. According to the complaints, the commission was notably high compared to the average 2.5% charged on NFT purchases.

Magic removed its NFT purchase option from App Store because of the policy. Other NFT marketplaces are also pulling back on their app functionality, with users limited browsing and viewing their NFTs.

Under these guidelines, Apple has limited in-app purchases to fiat currencies only through debit or credit cards. The tech giant is yet to support the use of crypto in in-app payments.

These guidelines will not affect the existing policies on cryptocurrency trading apps such as the ones listed by Binance and Coinbase. Trades on these platforms are not subject to the 30% commission fee.

However, Apple has said that cryptocurrency exchange apps will only be available in the countries or regions where the app has the required licensing and permissions to offer crypto trading services.

Related

• How to Buy Apple Shares (AAPL) in UK
• Apple’s stock records slight gains amid metaverse announcement
• US Senator wants Apple and Google to share information on fake crypto apps