Apple is gearing up to allow third-party app stores on its devices to comply with new EU antitrust laws, which could be a significant benefit for crypto and NFT app developers, at least in Europe.
Under the new rules, European customers will be able to download apps not from the Apple’s branded app store. This will allow them to download apps that bypass Apple’s 30% fees and app restrictions, according to a Bloomberg report on December 13, citing people familiar with the matter.
In 2021, Apple CEO Tim Cook announced that the company is considering integrating cryptocurrencies into Apple Pay. However, according to him, users will not be able to buy, sell or manage such assets on the Apple platform in the near future.
Apple’s decision to open up its ecosystem comes in response to the EU’s Digital Markets Act, which aims to regulate so-called “gatekeepers” and ensure that platforms behave fairly through measures that allow “third parties to interact with their own gatekeeper services.”
The legislation will apply from May 2023, with businesses required to fully comply with it by 2024.
Changes to Apple’s closed ecosystem will only apply within the EU, so other regions will have to pass similar laws, such as the Open App Markets Act, proposed to the United States Congress by Senators Marsha Blackburn and Richard Blumenthal.