Cryptocurrency Firms Announce Changes to Comply with GDPR
The European Union approved in 2016 a strict legislation focused on the protection of user data called GDPR – General Data Protection Regulation. While it was approved two years ago, the law provided a transition period for companies to adjust before its actual implementation which occurred on May 25.
According to The Guardian, the new European legislation has already impacted many services and news sites like the “New York Daily News”, “Chicago Tribune”, “Los Angeles Times”, “Orlando Sentinel” and the “Baltimore Sun” are offline. To prevent the same from happening to its services cryptocurrency platforms with users in Europe announced a slew new privacy policies in order to adjust to the new rules and avoid fines as high as ˆ20 million or 4% of their global annual turnover, whichever is higher.
Genesis Mining, a cloud mining service, also announced changes to its privacy policies to ensure the compliance with GDPR rules, stating that changes won’t affect the way users use their service.
The Polybius Foundation also announced changes without specifying what will change in their privacy policies, however, it was pointed out that the changes will be made to the “type of personal data we collect about you and the way we use it; to the legal details about the processing and storage of your personal data; the information security policies and how we protect your data; the third parties with whom we share your data; and your personal data rights” said the statement sent to all users of Polybius platforms.
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