Apple will conform to the laws of the EU, creating a win-win situation for cryptocurrency and non-fungible token app developers.
Apple, the world’s largest maker of consumer electronics, is getting ready to comply with new anti-monopolistic restrictions imposed by the European Union (EU). These regulations require that companies break up monopolies. At least in Europe, this may be regarded as a substantial advantage for makers of apps for cryptocurrencies and non-fiat currencies.
According to a report by Bloomberg on December 13 that cited people familiar with the matter, customers in Europe would be able to download alternative app marketplaces outside of Apple’s exclusive App Store under the new regulations. This would enable them to download apps that circumvent Apple’s 30% commissions and app restrictions.
Apple has recently implemented stringent criteria for NFT apps, which require users to make in-app purchases that are then taxed by Apple at a rate of thirty percent. In addition, apps are not permitted to assist with the payment of cryptocurrencies.
Because Apple planned to “capture 30% of the gas price” through in-app sales, the self-custody wallet app upgrade from Coinbase was stopped on December 1 as a result of Apple’s implementation of its legislation. According to Coinbase, this is “obviously not possible,” and Apple’s intention was the reason the update was denied.
The third allegation was that if Apple’s in-app purchase mechanism was unable to complete NFT transactions, Apple wanted the wallet to deactivate those transactions so they could proceed.
On December 13, Alex Salnikov, the co-founder of the NFT marketplace Rarible, tweeted in response to the news stating that a “crypto app store” may be built shortly and that such a store would be a “wonderful candidate” for a company funded by venture capital.
Apple has decided to open its ecosystem in reaction to the Digital Markets Act that was passed in the European Union. This act aims to regulate so-called “gatekeepers” and ensure that platforms behave equitably. “Third parties can inter-operate with the gatekeeper’s services,” which is one of the measures, is one of the measures.
It will go into effect in May 2023, at which point businesses will be required to comply fully by May 2024. Apple has not yet decided whether or not it will comply with a part of the Act that enables developers to integrate alternative payment mechanisms within programs that do not include Apple. This provision gives developers the ability to sell software without involving Apple. Cryptocurrencies may be able to be used in payment systems if it conforms to the requirements.
The internet giant is contemplating implementing security criteria for software that is not featured in its store, such as Apple certification, to protect its customers from potentially harmful applications.
Changes made to Apple’s closed environment would only have an impact on the EU. Other countries would need to pass legislation with identical provisions, such as the Open App Markets Act, which Senators Marsha Blackburn and Richard Blumenthal have proposed for consideration by the United States Congress.
This article, “Apple to Comply with EU Laws, Huge Win for NFT App Developers,” was originally published on Analytics Insight.
