Apple's new regulations increase the NFT 'tax' to 30 percent and restrict trading to specific regions
October 25, 2022 4:39 AM
Apple has finally published its guidelines for NFTs, along with clarifications for cryptocurrency payments and crypto exchanges.
The Technological Giant For the first time, Apple has codified specific rules for nonfungible tokens (NFTs) and cryptocurrency exchanges in its App Store guidelines.
The new regulations specify when a cryptocurrency exchange app can be listed, how NFT purchases will be taxed, and what they can and cannot be used for.
On October 24th report, Apple added language to its App Store guidelines permitting in-app purchases of NFTs while prohibiting the use of NFTs acquired from any other source for any purpose other than viewing.
In-app purchases are also permitted for the "minting," "listing," and "transferring" of NFTs by applications.
Technology firm appears to be doubling down on its "Apple tax" on NFTs by mandating that all NFT transactions take place within the app, where it collects a 30% commission on top of its already steep rate of 30% on all purchases.
No "buttons, external links, or other calls to action" that could allow users to avoid app store commissions when buying NFTs will be allowed in apps. It also forbids apps from making use of "mechanisms like [...] QR codes, cryptocurrencies, and cryptocurrency wallets" to gain access to premium features or hidden content.
The rules are in place despite the fact that the company has been called out for charging a 30% commission on NFT sales made through NFT marketplace apps like OpenSea or Magic Eden, a rate that has been labeled "grotesquely overpriced" when compared to the average 2.5% commissions on NFT purchases.
Magic After becoming aware of the policy, Eden said it removed its service from the App Store, and other NFT marketplaces have reduced the functionality of their applications so that users can only browse and view their own NFTs.
Apple's policies forbid users from using digital currencies to buy things within apps, instead requiring users to use a "valid payment method" like a debit or credit card.
Apple's current policy on cryptocurrency trading apps proposed by exchanges like Binance and Coinbase remains unchanged, and trades are not subject to the 30% "Apple tax" under the new guidelines.
A new clause was added to make it clear that the app's crypto exchange feature is only available in "countries or regions where the app has appropriate licensing and permissions to provide a cryptocurrency exchange."