NFTs and cryptocurrencies will benefit from Apple allowing third-party app stores

Apple will be forced by upcoming EU rules to allow app stores and alternative apps without going through Apple’s App Store. This will be a positive development for the creators of crypto applications.

In Europe at least, tech giant Apple is preparing to allow third-party app stores on its devices to comply with new antitrust requirements imposed by the European Union. This could be seen as a big win for app developers working on CRYPTOCURRENCIES and non-fungible tokens.

At the moment, Apple has strict rules for NFT apps, which pretty much force users to make in-app purchases subject to Apple’s 30% commission, while apps cannot support cryptocurrency as a form of payment. Apple’s rules also prohibit apps from supporting third-party payment systems.

According to Coinbase, Apple’s implementation of its regulation resulted in the blocking of Coinbase’s self-custody wallet app update on December 1. This occurred because Apple sought to collect thirty percent of the gas cost through in-app sales, which Coinbase claims is not feasible. .

Apple’s decision to open up its ecosystem is a response to the EU’s Digital Markets Law, which aims to regulate so-called “gatekeepers” and ensure that platforms behave fairly, with one of the measures allowing third parties interact with the guardian’s own services. Apple’s move to open up its ecosystem comes as a result of the EU’s Digital Markets Act. It will take effect from May 2023, with all companies required to fully comply by the end of 2024.

Apple has not yet made a decision on whether or not it would comply with a provision of the Act that allows app developers to install alternative, non-Apple payment systems within their own apps. Should it comply, it can pave the way for payment systems that accept cryptocurrencies.

In an effort to protect consumers from potentially dangerous apps, the tech giant is considering applying some security measures for software that isn’t sold in its own store, such as Apple certification.

Changes to Apple’s closed ecosystem would only take effect within the EU. Other regions would need to pass similar laws, such as the Open Marketplaces for Applications Act proposed in the US Congress by Senators Marsha Blackburn and Richard Blumenthal. For these changes to take effect in other regions, similar laws would need to be passed.

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