Sunday, 15 July, 2018

Apple bans cryptocurrency mining from its app stores

Would Like To Access Your Contacts Credit The Intercept
Emmett Howard | 12 June, 2018, 05:17

The section also bans apps and any third-party ads from running "unrelated background processes, such as cryptocurrency mining". No apps may mine crypto, unless they process that mining off the device, like in cloud-based mining.

In perhaps somewhat related news, Bitcoin (and most other cryptocurrencies) have fallen almost 8% in value over the last day, following the hack of South Korean crypto exchange Coinrail over the weekend. As AppleInsider notes, the Review Guidelines were previously less concerned with cryptocurrencies, allowing an app to facilitate crypto and ICO transactions if it complied with the laws in the app's distributed territories.

Some of this will actually be good news for crypto investors. "Apps may facilitate virtual currency storage, provided they are offered by developers enrolled as an organization", the policy states. Crypto wallets are also now officially legal, settling a gray area that has existed for months.

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It's a new rule included in the latest version of Apple's App Store policies, released last week as part of the company's annual developer conference.

The only limitation that Apple are putting down is that no apps will be allowed that encourage payments of cryptocurrencies or the incentivisation of cryptocurrencies to people who download certain apps or advertise certain cryptocurrency-based apps.

The guidelines reference cryptocurrency mining in two places, in a section about power efficiency (2.4.2) and a separate Cryptocurrencies section (3.1.5). In a dedicated cryptocurrency section, the company goes on to break down in more detail what is - and, crucially, is not - permissible. These, Apple writes, "must come from established banks, securities firms, futures commission merchants, or other approved financial institutions and must comply with all applicable law". These conditions extend to apps providing cryptocurrency futures trading, and other crypto-securities or quasi-securities trading.

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