Cryptocurrencies could be coming to Apple soon as the company is updating its strict rules to meet the requirements of the European Union's new Digital Markets Act.
An avalanche of new apps could hit the Apple ecosystem over the next two years. The technology company, the most heavily capitalized in the world, is adapting its regulations to comply with the new European Union legislation and allow the entry of alternative applications on its iOS devices.
The European Union's Digital Markets Act requires tech giants like Apple to create space for third-party app stores, meaning Apple users will soon be able to download alternative app markets on the Apple App Store.
The changes the company is implementing could benefit access to the iOS ecosystem for all types of applications, including those in the crypto industry.
According to Bloomberg, Apple is even considering allowing third-party apps use their own payment infrastructures, which could further facilitate the entry of cryptocurrencies and digital assets into the Apple ecosystem.
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Apple is expected to begin rolling out the changes to its iOS ecosystem next year when its next software update, iOS 17, is released. Under new European legislation, which comes into effect in May, the tech giant has until 2024 to comply with all the requirements.
Advantages of the new EU law for NFT tokens
In addition to cryptocurrencies, NFT tokens could also benefit from the new European Union digital markets legislation.
Apple opened its doors to NFTs in its App Store in September of this year, in a move that many saw as legitimizing non-fungible tokens and Web3.
The technology company allows the purchase and sale of NFTs in its App Store. However, Apple also imposed tough Restrictions on NFT developers, such as not being able to use these digital assets within its app store to promote exclusive content, unlock special advantages, features or functionalities, access external links or incentivize the purchase of more NFTs. The company also requires non-fungible token developers to use its payment infrastructure, which derives commissions of 30%.
However, thanks to the new European law, NFT developers could implement their applications on iOS, bypassing Apple's fees and restrictions.
The EU's Digital Markets Act also requires other tech giants, such as Google, to make room for third-party app stores in their Android ecosystem.
Although the new legislation seeks to make these companies more open and behave much more fairly, it only benefits European app developers.
Continue reading: Will Apple join crypto technology?
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