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HomeNewsBusinessDevelopers of cryptocurrency apps win big as Apple complies with EU laws

Developers of cryptocurrency apps win big as Apple complies with EU laws

Tech giant Apple is getting ready to permit third-party app stores on its devices in order to comply with new anti-monopolistic rules from the European Union (EU). At least in Europe, this might be viewed as a huge win for cryptocurrency and NFT app developers. Now that Apple has severe rules for NFT apps, consumers are practically forced to make in-app purchases subject to a 30% commission from Apple, and apps are not allowed to handle bitcoin payments. Under the new rules, European customers would be able to download alternative app marketplaces outside of Apple’s exclusive App Store, allowing them to download apps that avoid Apple’s 30% commissions and app restrictions, according to a Dec. 13 Bloomberg report citing people familiar with the situation.

The changes to Apple’s restricted environment would only apply to the EU; other countries would have to pass legislation with equivalent measures, like the Open App Markets Act that Senators Marsha Blackburn and Richard Blumenthal have proposed for the US Congress. The internet giant is thinking about establishing security criteria for software not present in its store, like Apple certification, in an effort to protect customers from harmful programmes.

Under the new rules, European customers would be able to download alternative app marketplaces outside of Apple’s exclusive App Store, allowing them to download apps that avoid Apple’s 30% commissions and app restrictions, according to a Dec. 13 Bloomberg report citing people familiar with the situation. The third charge was that Apple wanted the wallet to disable NFT transactions if they couldn’t be completed through the in-app purchase system. Apple has chosen to open its ecosystem in response to the EU’s Digital Markets Act, which aims to regulate so-called “gatekeepers” and guarantee that platforms act fairly. “Third parties may inter-operate with the gatekeeper’s own services,” according to one of the proposals.

On December 13, Alex Salnikov, co-founder of NFT marketplace Rarible, tweeted in reaction to the claim that a “crypto app store” might be developed and would be a “great candidate” for a venture capital-backed company. It will go into effect in May 2023 and businesses must completely comply by May 2024. The Act’s provision allowing developers to incorporate alternative payment methods into projects that do not involve Apple is one that Apple has not decided whether or not it will abide with. Cryptocurrencies might be able to be utilised in payment systems if it satisfies.

News Summary:

  • Developers of cryptocurrency apps win big as Apple complies with EU laws
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