Apple to comply with EU Laws and it is a win-win situation for crypto and NFT app developers

To comply with new anti-monopolistic regulations from the European Union (EU), tech giant Apple is preparing to allow third-party app stores on its devices. This may be considered a significant gain for crypto and NFT app developers, at least in Europe.

According to a Dec. 13 Bloomberg report citing people familiar with the matter, under the new regulations, European customers would be able to download alternative app marketplaces outside of Apple's exclusive App Store, enabling them to download apps that avoid Apple's 30% commissions and app restrictions.

Apple now has strict guidelines for NFT apps that essentially require users to make in-app purchases subject to a 30% fee from Apple, while apps are not allowed to facilitate cryptocurrency payments.

The self-custody wallet app update from Coinbase was blocked on December 1 as a result of Apple's enforcement of its regulation because Apple planned to "capture 30% of the gas price" through in-app sales, which is "obviously not possible," according to Coinbase.

The next accusation was that if NFT transactions couldn't be completed through Apple's in-app purchase mechanism, Apple wanted the wallet to deactivate them.

In reaction to the report that a "crypto app store" may be created and would be a "wonderful candidate" for a venture capital-backed firm, Alex Salnikov, co-founder of NFT marketplace Rarible, tweeted on December 13.

In response to the EU's Digital Markets Act, which seeks to control so-called "gatekeepers" and guarantee that platforms behave fairly, Apple has decided to open its ecosystem. One of the measures allows "third parties to inter-operate with the gatekeeper's services."

Businesses must completely comply by May 2024 and it will take effect in May 2023. Apple hasn't made up its mind on whether or not it would abide by a provision of the Act that permits developers to integrate alternate payment methods within programs that don't involve Apple. If it complies, it may allow cryptocurrencies to be used in payment systems.

To shield customers from dangerous apps, the tech giant is considering imposing security standards for software not found in its store, such as Apple certification.

Only the EU would be affected by the modifications to Apple's closed environment; other nations would need to enact legislation with comparable provisions, such as the Open App Markets Act that Senators Marsha Blackburn and Richard Blumenthal have suggested for the US Congress.