Apple’s App Store officially bans cryptocurrency mining

Apple revises crypto rules while gets bashed for copying a logo

Because the App Store is the only way for most people to install software on their iPhones, Apple's new rule also suggests that there may not be any purpose-built apps to mine cryptocurrency either - not that any of these apps would really make any money for users.

Apple updated its App Store review guidelines last week, during the WWDC 2018 conference.

Apple just released a new set of guidelines for iOS app developers, with a number of changes that impact the world of cryptocurrency.

The upshot of the new rules is that while Apple will permit cryptocurrencies to exist on its platforms, it's adding requirements to stop scammers and individuals from exploiting App Store customers, while making explicit that it's blocking developers from eating Apple device processing power for mining activities.

This isn't the first time that the iPhone maker has taken action against mining apps. These, Apple writes, "must come from established banks, securities firms, futures commission merchants, or other approved financial institutions and must comply with all applicable law". The section also bans apps and any third-party ads from running "unrelated background processes, such as cryptocurrency mining". These conditions extend to apps providing cryptocurrency futures trading, and other crypto-securities or quasi-securities trading.

Four years ago, Apple removed every single bitcoin wallet application on its App Store, including popular wallet app Blockchain.

Speaking to CCN at the time, Jaxx CEO Anthony Di Iorio revealed Apple had stuck to approving a select six cryptocurrencies, namely: Bitcoin, Ethereum, Dogecoin, Litecoin, Ripple and the then DAO token. "Apps may facilitate virtual currency storage, provided they are offered by developers enrolled as an organization", the policy states. Exchanges are fine, too, as long as they are the ones offering transactions or transmissions of currency.

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