Apple Bans Cryptocurrency Mining on iOS
Apple just released a new set of guidelines for iOS app developers, with a number of changes that impact the world of cryptocurrency.
The new rules ban any app from directly mining cryptocurrency. According to Apple, “Apps, including any third party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining.”
The guidelines do allow apps that facilitate ICOs, as long as they work with established banks and follow all applicable compliance laws.
In addition, Apple is giving its full support to cryptocurrency wallet apps, as long as they are “offered by developers enrolled as an organization.”
Here’s a look at the full list of new rules regarding cryptocurrency on iOS:
3.1.5 (b) Cryptocurrencies:
- (i) Wallets: Apps may facilitate virtual currency storage, provided they are offered by developers enrolled as an organization.
- (ii) Mining: Apps may not mine for cryptocurrencies unless the processing is performed off device (e.g. cloud-based mining).
- (iii) Exchanges: Apps may facilitate transactions or transmissions of cryptocurrency on an approved exchange, provided they are offered by the exchange itself.
- (iv) Initial Coin Offerings: Apps facilitating Initial Coin Offerings (“ICOs”), cryptocurrency futures trading, and other crypto-securities or quasi-securities trading must come from established banks, securities firms, futures commission merchants (“FCM”), or other approved financial institutions and must comply with all applicable law.
- (v) Cryptocurrency apps may not offer currency for completing tasks, such as downloading other apps, encouraging other users to download, posting to social networks, etc.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin or cryptocurrency. Your transfers and trades are at your own risk. Any losses you may incur are your responsibility. Please note that The Daily Hodl participates in affiliate marketing.
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