BlockBeats reported on February 3rd that according to Decrypt, Phillip Shoemaker, former Director of the App Store, stated in a recent interview: "Apple has had issues with cryptocurrency from the very beginning. They viewed it as a Ponzi scheme." He believes there's an "adversarial relationship" between Apple and cryptocurrency.
While Apple representatives declined to comment, they reaffirmed App Store's cryptocurrency review standards, which primarily cover five key areas:
- Crypto Wallets: Apps may facilitate virtual currency storage, but only if offered by developers registered as organizations.
- Mining: Apps cannot perform cryptocurrency mining unless processing occurs off-device (e.g., cloud-based mining).
- Trading: Apps may enable cryptocurrency trading or transfers only through approved platforms, and solely in jurisdictions where the developer has proper licensing.
- ICOs: Apps facilitating initial token offerings, crypto futures, or other securities trading must come from regulated financial institutions and comply with all applicable laws.
- Incentives: Crypto apps cannot reward users with currency for actions like downloading other apps or social media promotions.
Key Takeaways
- Apple's historical skepticism toward cryptocurrency
- Strict App Store policies governing crypto-related applications
- Institutional requirements for wallet and trading apps
FAQ
Why does Apple restrict cryptocurrency apps?
Apple maintains strict controls to prevent potential fraud, ensure regulatory compliance, and protect user security within its ecosystem.
Can I mine cryptocurrency using an iPhone?
No, Apple prohibits on-device mining. Only cloud-based mining solutions are permitted if the processing occurs outside iOS devices.
Are there any approved crypto exchanges on the App Store?
Yes, but exchanges must demonstrate proper licensing and only operate in authorized jurisdictions.
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This analysis highlights the tension between decentralized finance and centralized app distribution models.