Apple App Store Categorizes Blockfolio and Coinbase as Financial Applications

Apple Categorizes Blockfolio and Coinbase As Financial Applications

Apple has recognized Coinbase and Blockfolio applications as financial apps. According to the Reddit user cl0ck3d, Apple created a folder dubbed ‘finance’ with these two applications.

The r/CryptoCurrency subreddit started to discuss the issue explaining that this was not such a big deal as supposed. Apparently, developers submitting applications have to decide on which category their apps are going to appear. As there is no crypto/blockchain category available, Coinbase and Blockfolio could have selected the ‘Finance’ category at the time of submitting their apps.

The users suggest that Apple could be officially recognizing crypto as financial assets rather than another kind of assets. Apple, however, did not mention anything about how they decide to categorize these apps on the app store.

At the moment, Apple decided to ban different cryptocurrency miners that operated illegally on its app store. Something similar is doing Android. Some users were downloading apps that promised to mine virtual currencies using the users’ cellphone, but they turned out to be mining Monero (XMR) for themselves and harming the battery of the telephones.

Although the Reddit user seemed very happy about Apple’s decision, the community started to joke about the applications the user had rather than the fact that Apple categorized crypto-apps as ‘Finance.’

Regulatory agencies do not have a clear position on whether cryptocurrencies should be considered financial assets, commodities or securities. This is something that generates uncertainty in the market and could harm the whole industry.