Apple is not backing down from its 30% tax rate for in-app NFT purchases.
Apple, a California-based multinational technology firm specializing in consumer electronics, software, and online services, had updated its App Store rules with a strong focus on non-fungible tokens (NFTs) and crypto exchanges.
Among other things, rules overview NFT taxation, their use cases, and rules for listing crypto exchanges.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe – We publish new crypto explainer videos every week!
According to the App Store Review Guidelines, Apple allows in-app NFT purchases but halts NFT usage for anything else except viewing.
In detail, the guidelines reveal that apps can allow in-app purchases to “sell and sell services” linked to NFTs, allowing users to mint, list, and transfer them. Moreover, apps are granted the possibility to “allow users to view their own NFTs.” However, the rules emphasize that NFT ownership shouldn’t open any additional features or functionalities within the app.
The new App Store rules claim that apps can let users view NFT collections owned by other users. However, apps are prohibited from adding “buttons, external links, or other calls to action,” which would direct users to purchase NFTs, not in the app.
App Store rules also revealed that Apple is not backing down on its intentions to apply a 30% tax rate on in-app NFT purchases. The hefty commission will be applied to NFT sales made on the NFT marketplace apps, such as OpenSea or Magic Eden.
The news about Apple’s hefty taxation broke at the end of September. Users claim that such taxes are “grotesquely overpriced” compared to an average fee of 2.5% on NFT purchases.
Regarding crypto exchanges, the App Store guidelines note:
Exchanges: Apps may facilitate transactions or transmissions of cryptocurrency on an approved exchange, provided they are offered only in countries or regions where the app has appropriate licensing and permissions to provide a cryptocurrency exchange.
On top of that, users are forbidden to use cryptocurrencies for in-app purchases. The new rules outlined that in-app purchases can be completed using “valid payment methods” such as credit or debit cards.
by Gile K. – Crypto Analyst, BitDegree
SOURCE: COIN JOURNAL
More Stories
The Game” as New Season Approaches
Building a School in India
Fake Musk Live Streams Flood YouTube During SpaceX Launch