🇪🇺🔗🥊🇪🇺🔗🥊 MICA introduces strict requirements for crypto projects and obliges them to comply with GDPR standards in the field of data protection.

An important goal of the GDPR is to restore control over personal data to individuals by giving them the right to have their data deleted. To understand the importance of this issue, it is enough to recall the fine of 390 million euros that Meta was ordered to pay for non-compliance with the GDPR.

However, there is a problem with blockchain technology because the data placed on the chain remains there forever. Technically, this problem can be solved using encryption and maximum protection of encryption keys from access by third parties, or storing this data outside the blockchain, which in itself contradicts its essence. We believe that very soon our favorite crypto projects will face the GDPR and those who cannot cope with it will not enter the European market.

#MICA #Cryptolaw #cryptotax #gdpr