Apple’s Next Update Fuels Concerns for Crypto Web3 Applications – The EU Debates
In the rapidly evolving world of cryptocurrencies, the coming Apple iOS update is making waves. The tech mammoth, Apple, in its quest for ensuring customer security, might be poised to unintentionally sabotage web3 crypto applications.
The latest iOS 15.2 update appears to be a looming nightmare for apps operating the Metamask and WalletConnect infrastructure. Apple’s latest twist could lead to users being cut off from their wallets, threatening to compromise the software’s real-time audibility. While it’s well known that Apple has historically held a firm grip on in-app activities and purchases, this move escalates concerns about the inclusivity of Apple’s ecosystem.
News of the update’s potential impact has triggered reactions within the crypto community. Many crypto professionals perceive this as a “panicked move” from Apple, expressing concerns over its implications for decentralized finance. Most prominent among the dissenting voices is Marcel Jakubec, influencer and committed blockchain enthusiast. “Big tech is realizing that they don’t have the control over it and (they’re) kind of freaking out,” Jakubec warns.
However, the EU has decided not to remain silent on this issue. In a bid to safeguard competition and prevent the emergence of monopolistic businesses, the European Union, through its Digital Markets Act, is looking into ways to regulate Apple’s measures. This undoubtedly multiplies the challenges faced by Apple. This situation is paradoxical, given Apple is known for its steadfast commitment to customer data protection and security.
Coincidentally, Facebook, now known as Meta, is also facing regulatory heat. Similar to Apple, Meta intends to impose its own crypto commerce rules while restricting competitors. However, the EU’s stringent draft rules for tech giants are targeting such behavior and are expected to shake up the market.
The core issue remains the way Cryptocurrency is viewed by conventional technology firms. While crypto professionals seek to harness the power of decentralization, some tech giants exhibit resistance due to their lack of control. This dichotomy creates conflict and is one of the prime reasons for the current turbulence witnessed in the crypto market.
As the narrative unfolds, it seems all eyes are on the EU’s next move. However, one thing is clear – the future of crypto is far from settled. Will the EU’s Draft Rules bring more flexibility to the tech market? How will Apple respond to the rising voices? The answers to these questions will undoubtedly shape the future of the crypto world and web3 applications.
