Apple won’t exempt NFTs from 30% App Store fees

iPhone maker Apple has updated its App Store guidelines, defining how cryptocurrency exchanges and non fungible token (NFT) apps would work on the platform. According to the company, while Apple will continue to allow crypto and NFT apps to remain available on the App Store, it will put the onus on regional regulations to define whether the app would be legal to function in a particular region.

The new App Store policy comes into effect as concerns have been raised regarding the use of crypto exchanges in money laundering schemes in the country. In recent investigations on instant loan apps funded by overseas organisations, government agency Enforcement Directorate attached assets of crypto exchanges — which were allegedly used to siphon funds offshore.

Apple’s policy now says that no apps would be taken off the store, as long as they are legally allowed to operate in the region.

In terms of NFT apps, Apple’s policy says that wallets and services will not be allowed to make their own payment instruments, which would restrict the ability for NFT platforms to offer collectibles as ways to offer memberships and other rewards.

The policy brings into the forefront a contentious concern regarding the usage of in-app purchase by big tech firms. Companies such as Apple and Google have faced the brunt against charging app developers a fee for using their own transaction tools.

According to regulators around the world, these tools have been deemed anticompetitive towards nurturing payment industries. Earlier today, fellow big tech firm Google was charged a penalty of ₹936 crore by the Competition Commission of India (CCI) towards its market dominance in the country.