Former Apple executive slams App Store’s crypto rules as ‘bad for the community’

A former Apple executive has accused the iPhone maker of strangling the crypto community with new App Store rules.

“It’s bad for the community because it’s going to drive up prices,” Phillip Shoemaker, a former senior director of app store review at Apple and now CEO of the verification firm, told Verdict. blockchain-based identity.

Apple introduced the stricter rules on blockchain money and non-fungible tokens (NFTs) in October. While the new rules allow apps to facilitate “transactions or transmissions of cryptocurrency on an approved exchange,” these apps can only be offered in countries or regions where they have a license and authorization. to operate a crypto exchange, as indicated by CNBC.

Apple’s guidelines state that crypto apps should only be offered in countries where it has the permission and license to operate crypto exchanges.

The rules also clarified that Apple will also take its usual 30% discount on all in-app purchases and payments made on apps available on the App Store, even if they are crypto and NFT platforms.

The 30% reduction has been the target of criticism in the past. For example, it was the main point of contention between Cupertino and Developer Fortnite Epic Games when they went to court last year.

Users can still see their NFTs and watch NFT art galleries within apps, but only if the NFT does not “unlock app features or functionality,” per Apple’s guidelines.

Asked about the criticism, Apple just responded by sending a link to its App Store guidelines.
News about changes to Apple’s guidelines comes as venture capital (VC) deals at blockchain companies plummeted in 2022.

In 2021, blockchain companies completed 1,041 transactions, with a total value of $26.6 billion. So far in 2022, 1,125 deals with a combined value of $18.2 billion have been completed. Although this is a drop from the previous year, it remains above the $3.3 billion injected into the industry in 2019.

GlobalData is the parent company of Verdict and its sister publications.

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