Market Analysis

Crypto businesses undertake to abide by General Data Protection Regulation

Crypto businesses undertake to abide by General Data Protection Regulation
Jun 3, 2018 by Rico Wise

General Data Protection Regulation, or briefly GDPR, is a severe regulation adopted by the EU in 2016, aimed at user data protection improvement. Even though it has been adopted quite a long time ago, the legislation envisaged a term for transition, so that the firms could adapt when it actually comes into force, which had just happened on May 25.

GDPR has had its effect on many services and media websites, turning a lot of them offline. To keep that from happening to European digital currency platforms, an array of new privacy policies has been set forth to adapt to new regulations and keep away from costly penalties, which go as far as 20 million euros or 4 percent of global profit per year, depending on which is higher.

Xapo company has amended its terms of use policies to expressly indicate what its users can and cannot do under this strict regulation. Xapo has released an official statement where it claimed that transparency and data safety are both paramount to the firm, and they are willing to change.

Genesis Mining, another company in the cryptocurrency sector, has joined this movement and made an announcement about privacy policies change, assuring that they will influence neither the way the services are provided nor their quality.

Among other businesses, the Medium blogging platform and the Polybius Foundation have also announced changes to ensure compliance with the GDPR.

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