How Will Europe’s New Data Rules Impact Blockchain Startups?

by Tyler Durden

Authored by ‘Crypto Insider’ via,

The ICO train isn’t showing any sign of reaching its last stop just yet. We’re only five months into 2018, but an already staggering $6 billion has been raised across 195 crowd-sales (including pre-sales, private pre-sales, and other convoluted process). For reference, the entirety of 2017 saw 210, with the (considerably smaller) grand total of $3.8 billion raised.

In the midst of the hype, many seem to forget the massive change that European privacy laws are undergoing: the General Data Protection Regulation (or GDPR), set to come into force on May 25th, aims to assert the rights of individuals over their own data. Specifically, it takes aim at organisations storing sensitive information belonging to its users. Failure to comply comes with steep sanctions, with companies being taxed €20 million (or 4 percent of their annual turnover, if it exceeds this).

Under GDPR, consumers have a much greater degree of sovereignty over their data. The legislation demands not only that companies ensure users’ data is kept secure in an adequate manner, but that they also adhere to the ‘right to be forgotten’ — the principle that allows an individual to request the erasure of their information from a business’s database.

Outside of the blockchain space, multiple companies have ceased offering their services to EU based customers, citing the overbearing GDPR as the key cause. Key companies include MMORPG Ragnorak Onlinemobile marketing platform Verve and consultancy firm Brent Ozar. 


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