Apple Updates App Store Rules – 30% Fee on NFTs and Geo-Blocks on Exchanges
Apple has updated its App Store policies regarding nonfungible tokens (NFTs) and cryptocurrency exchanges, marking the first time that precise rules for NFTs have been established.
The new guidelines define how NFT purchases will be taxed and what they can and cannot be used for, as well as when a crypto exchange app may be listed.
In September, Apple announced it had started allowing apps and games based on NFTs by claiming a good chunk of the pie by charging its standard transaction fee of 30% on in-game purchases.
The App Store standards were updated on October 24 with language that permits for in-app purchases of NFTs but prohibits any NFTs bought elsewhere from being used for anything other than watching. Section 3.1.1. of the App Store rules read:
“Apps may not use their own mechanisms to unlock content or functionality, such as license keys, augmented reality markers, QR codes, cryptocurrencies and cryptocurrency wallets, etc.”
Cryptocurrency exchanges such as Binance and FTX are not affected by the the updated rules, and can continue offering in-app trading services without paying the 30% commission. Section 3.1.5 details:
“Exchanges: Apps may facilitate transactions or transmissions of cryptocurrency on an approved exchange, provided they are offered only in countries or regions where the app has appropriate licensing and permissions to provide a cryptocurrency exchange.”
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Source: igaming
