Apple is set to allow third-party app stores on its devices to comply with new anti-monopoly standards from the European Union (EU). This is a significant gain for crypto and NFT app developers.
According to reports, the new regulations would enable European users to access alternative app stores other than Apple’s exclusive App Store, enabling them to download apps that avoid Apple’s 30% fees and app limitations.
Coinbase’s self-custody wallet app was blocked on December 1 due to Apple’s implementation of its App Store rules. This was because Apple planned to take 30% of gas fees through in-app purchases, which Coinbase argued was impossible.
Apple’s strict rules for NFT apps mandate that all in-app purchases (NFT transactions) are subject to a 30% Apple commission and restrict the use of apps to conduct cryptocurrency payments.
The EU’s Digital Markets Act aims to regulate so-called gatekeepers and ensure platforms behave fairly, and one of the measures includes allowing third parties to interoperate with the gatekeeper’s services. All affected firms must fully comply by 2024, with implementation beginning in May 2023. Apple’s decision to open its ecosystem is in response to this regulation.
Only the EU would be impacted by the modifications to Apple’s closed ecosystem. Other countries would need to pass legislation with comparable provisions, such as the Open App Markets Act proposed by Senators Marsha Blackburn and Richard Blumenthal for the US Congress.
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