On May 25, the European General Protection of Data Regulation (GPRD) will come into effect. The impact is likely to be significant and global in reach. Any business in the EU, or business that holds data about an EU citizen, will need to comply with the GPDR.
For Stoneblock, a question often asked is how the GPDR treats blockchain ecosystems, particularly because the blockchain will mean that data belonging to different citizens and government agencies will effectively be co-located, albeit with logical cryptographic separation. The answer is unequivocal that this arrangement is permitted.
There are in fact numerous precedents within the EU for data co-location with logical separation using cryptographic means. A number of EU government agencies already use cloud and hybrid-cloud storage services which operate in much the same way.
Neocapita is in regular talks with Vienna-based Stadler Völkel Rechtsanwälte, a law firm close to the matter and who advise technology companies clients across the EU (and with in-house experts in the cryptocurrency and DLT technology space). Recently, the firm presented an EU-view of the state of financial regulations as they pertain to ICOs and token-based capital raising, in Brussels at the inaugural Finance Watch workshop for EU member states.