GDPR

GDPR is an acronym for General Data Protection Regulation, which is a European Union (EU) regulatory framework that protects user privacy, provides them with security from breaches, and enhances transparency. It is a European Union law, but it is applicable in every part of the world if any EU resident is concerned.

However, it was adopted by the EU Council in 2016 but came into effect in 2018. The primary objective of the GDPR is to establish users’ rights over their data, its use, and possession. In the cryptocurrency domain, the GDPR states that service providers need to conduct regular GDPR audits to identify and mitigate data security risks.