Apple bans mining cryptocurrency on iPhones (AAPL)

Apple Updates App Store Guidelines, Tightens Rules for Crypto-Related Apps

That's 52.2 Million news homes for the wealth of App Store apps that are being created, under these new Apple guidelines.

Apple has revealed its revised guidelines in a dedicated section for iOS and MacOS apps centered on the cryptocurrency space. Under the mandated rules.

During Apple's Worldwide Developers Conference last week, the company released new App Store guidelines that ban cryptocurrency mining on both iOS devices and Mac. "Apps, including any third party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining", the new guideline reads.

Apple has also outlawed apps from mining cryptocurrencies on the device altogether.

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The ban applies for apps designed explicitly with mining operations in mind.

Apps may not mine for cryptocurrencies unless the processing is performed off device (e.g. cloud-based mining).

Making its position clear " Purchasing and Currencies 11.17 Apps may facilitate transmission of approved virtual currencies provided that they do so in compliance with all state and federal laws for the territories in which the app functions". Initial offerings including futures investments, or other securities dealing with cryptocurrencies must be offered by an established bank, securities firm or exchange.

According to the new rules, Apple will no longer allow indie developers to publish any wallet app on the App Store as only developers affiliated with a registered organization are eligible. The company took this step after hidden cryptocurrency mining has become the most popular cybercrime trend among malware developers this past year. These conditions extend to apps providing cryptocurrency futures trading, and other crypto-securities or quasi-securities trading. Finally, cryptocurrency apps can't offer currency as a reward for downloading other apps, posting to social networks or encouraging other users to download apps.

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