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Tech-giant Apple is preparing to comply with new anti-monopolistic requirements from the European Union which will allow third-party app stores onto devices. This could be seen as a huge win for cryptocurrency and NFT sellers in Europe, if Apple remains similarly friendly to them outside of the EU.
Under the new rules, European customers would be able to download apps from alternative app marketplaces outside of Apple’s proprietary App Store, thus allowing them to download apps that ignore Apple’s 30% commission and app restrictions. A Dec. 13 Bloomberg report noted that those familiar with the matter are saying this could happen.
Apple has strict regulations that restrict what an app can do based on its type. In the case of non-fungible token apps, for example, users are forced to go through in-app purchases (where the app developer makes a 30% commission) rather than being able to directly purchase cryptocurrencies.
Apple stopped Coinbase’s self-custody wallet app from being updated on Dec. 1, because it wanted the company to share 30% of fees brought in by in-app purchases.
The situation went to a point where Apple wanted the wallet to disable non-game transactions if they couldn’t be done through its in-app purchase system.
Alex Salnikov tweeted on Dec. 13 in response to the news that a “crypto app store” could be constructed, and would be a “great candidate” for a venture-capital backed startup.
Apple’s opening of its ecosystem is only the most recent in a series of EU developments intended to regulate so-called “gatekeepers.” The measure includes allowing third parties to interact with the gatekeeper’s own services.
Starting in May of 2023, the updated EU General Data Protection Regulation will be applicable for any business operating within the EU zone.
Apple hasn’t decided if it will comply with a part of the Act, which gives developers the chance to include their own payment system. One theory is that this could open up cryptocurrencies as a form of payment on some apps.
LBRY alleges that Apple has forced it to censor certain terms, such as COVID-19, amid the pandemic.
Tech giant Apple is considering new security requirements for non-Apple software. These new rules will help ensure the safety of their users by making sure it comes from a trusted source.
Other countries will need to pass similar laws such as the Open App Markets Act in the United States Congress from Senators Marsha Blackburn and Richard Blumenthal.
