“The proposed new EU data protection regime extends the scope of the EU data protection law to all foreign companies processing data of EU residents. It provides for a harmonisation of the data protection regulations throughout the EU, thereby making it easier for non-European companies to comply with these regulations; however, this comes at the cost of a strict data protection compliance regime with severe penalties of up to 4% of worldwide turnover.”
The GDPR also brings a new set of “digital rights” for EU citizens in an age when the economic value of personal data is increasing in the digital economy.
1. Protection of the digital assets of EU citizens
EU is no rubber stamp. It has issued astronomical fines to tech giants such as Google and MS. One can see huge fines against the mega tech companies from the emerging market (e.g. Tencent) after May, 2018 for violating the EU GDPR rules.
Tencent, the owner of the spyware ‘wechat’, has hundreds of Chinese ‘internal security’ force on their payroll to inspect personal data with no proper warrant. Anyone who has ever used a Chinese local mobile phone number is being monitored and censored according to the local ‘regulations’, which is the total opposite of the EU rules and spirit. A fine is up to 20000000 EUR or up to 4% of the annual worldwide turnover.
One shall not be surprised to see similar situation around the physical location of the blockchain tech companies (NEO included). One can be optimistic about the blockchain security (e.g. you will be willing to hand over an encrypted hard disk of your personal data to a national state. The encryption is quantum-proof.) , but can one be 100% sure that there is no backdoor of the tech made in China? Would the EU law enforcement believe that?
2. Protection of the digital identity of the EU citizens
One shall not be surprised to see certain EU citizens come forward to link their wallet public key with their real identity in order to be protected by the EU GDPR. All the sudden, all nodes of a certain crypto currency in all countries (your basement included) become under the EU jurisdiction. Although one could see the difficulty of exercising the law (there is no one to fine if no one claim the total ownership of a blockchain), one can also see an intervention on any future ICOs or blockchain product design by the EU.
It’s not necessarily a bad thing knowing how abusive the current ICO market is now, but the EU GDPR will have a fundamental impact of the value of your existing crypto assets because the EU investors do have one more thing to worry about. It is not a small thing.
3. Your strategy?
Campaign for the exit of your country from the EU? Change nationality? Diversify?
Whatever you do, stay safe out there.