Apple's absurd new crypto rules reveal how disconnected it has become

The rules, which include huge fees for cryptocurrency users, set the company up for a fight it can't win.

Giant corporations like Apple have made their fortunes by centralizing their powers and profits and expanding their network of products and services to become part of people's lives in every way possible. Until recently, however, Apple had also demonstrated its ability to focus its efforts on staying relevant and up-to-date with what consumers wanted, what mattered to them, and what they needed most from the tech giants on which they rely. It seems that's not strictly true anymore, and that's a real shame.

In its updated App Store guidelines unveiled on October 24, Apple announced that crypto exchange apps "may facilitate transactions or transmissions of cryptocurrency on an approved exchange 'only' within countries or regions where the app has the appropriate licenses and permissions to provide cryptocurrency exchange.”

Furthermore, any other payment needed to unlock additional features will need to be made with "In-App Purchase Currencies" as developer apps "cannot use their own mechanisms to unlock content or features, such as as license keys, augmented reality markers, QR codes, cryptocurrencies and cryptocurrency wallets.”

This is meant to ensure "a safe experience for users" and a chance for developers "to succeed," Apple claims, but I disagree. Clearly, this is just another trick that Apple uses to keep whatever profits it can make; a particularly interesting decision, as it relates to non-fungible token technology (NFT) and Web3 games, which are growing in popularity.

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