Cryptocurrency App Rules updated by Apple’s App Store

Apple has reviewed its App Store policies relatively to crypto applications making rules a bit stricter, applying them to wallets, exchanges, and ICO platforms
09 June 2018   1458

The Apple App Store is a sought-after application marketplace which offers over 783,000 gaming apps, and 2.3 million non-gaming apps. Recently the App Store changed its guidelines towards cryptocurrency applications that can be downloaded through the marketplace.

According to the new rules, cryptocurrency applications must stick to the following description criteria that include wallets, ICOs,  cloud mining platforms and exchanges.  Mining apps using an iPhone’s chipset to mine digital currencies are strictly forbidden and are only let if the software is processing the mining off the device (for example,  cloud-based mining).

Apple’s revised rules claimed that Wallet Apps can be used as virtual currency storage, provided they are suggested by developers registered as an organization. Exchange Apps might support cryptocurrency transactions or transmissions of an approved exchange, provided they are proposed by the exchange itself.

Initial Coin Offering Apps facilitating Initial Coin Offerings (“ICOs”), cryptocurrency futures trading, and other crypto-securities or quasi-securities trading must come from established banks, securities firms, futures commission merchants (“FCM”), or other approved financial institutions and must comply with all applicable law.
Apple App Store
Revised Cryptocurrency Rules

The company removed all Bitcoin-related applications 4 years ago, and 2 years ago it was quite steady relatively to altcoins when it asked firms to remove digital assets like dash off their apps. Presently there are a lot of cryptocurrency applications and more added every day, but the freshly rules may exert a few apps already featured on Apple’s App Store, and cryptocurrency applications looking to be issued in the future.

US Authorities to Pop BTC Buble, - Giancarlo

According to the former head of the U.S. Commodity Futures Trading Commission, the launch of the Bitcoin futures at CME popped the BTC price bubble
23 October 2019   31

Former head of the CFTC, Christopher Giancarlo made a sensational admission, saying that the launch of the Bitcoin futures on the Chicago Mercantile Exchange (CME Group) was a deliberate action by the Donald Trump administration, designed to burst the cryptocurrency market that had formed by then.

One of the untold stories of the past few years is that the CFTC, the Treasury, the SEC and the [National Economic Council] director at the time, Gary Cohn, believed that the launch of bitcoin futures would have the impact of popping the bitcoin bubble. And it worked.
 

Christopher Giancarlo

Ex-head, CFTC

Chicago Mercantile Exchange (CME) Bitcoin Futures was launched on December 18, 2017. The day before, the price of bitcoin reached its historical maximum in the region of $ 20,000, but over the next months it went down sharply.

On Monday, Giancarlo also spoke at the Pantera Summit in San Francisco, where he stated that the rapid rise in bitcoin prices observed at the end of 2017 marked the formation of the first major bubble after the 2008 financial crisis.

We saw a bubble building and we thought the best way to address it was to allow the market to interact with it.
 

Christopher Giancarlo

Ex-head, CFTC

Giancarlo also believes that the Bitcoin bubble cannot be considered in isolation from the 2008 financial crisis.

Coming out of the 2008 financial crisis, the legit criticism of regulators was along the lines of: Where were they during the expansion of the real estate mortgage bubble, and why didn’t they take steps to pop that bubble when they could have?
 

Christopher Giancarlo

Ex-head, CFTC

According to him, the lessons of history forced regulators to act quickly,

I believe it shows the power of markets to bring discipline to pricess.
 

Christopher Giancarlo

Ex-head, CFTC

Christopher Giancarlo resigned as CFTC chairman in April this year. Earlier this week, current department head Heath Tarbert said that regulated futures for Ethereum will also appear within six months or a year. He also does not rule out the launch of derivatives on other cryptocurrencies.