The General Data Protection Law (GDPR) is becoming a major hindrance to the success of cryptocurrency and blockchain. The immutability of the data stored in the blockchain is its central principle. Several complications arising from the GDPR have resulted in LocalBitcoins disabling a number of accounts.
A person well conversant with the matter but who wanted his identity kept anonymous for reasons best known to him has pointed out to PICOPS outlining that it is one of the latest casualty of the EU regulation.
PICOPS and the associated challenges
PICOPS is a crucial platform and most of the Ethereum-based ICOs attest to that. With the passage of time it is becoming easier to implement easy AML and KYC compliance for ICOs but first and foremost it is necessary to validate the owner of an Ethereum address.
Some particular interpretations of personal data laws in the GDPR framework have hindered the continuation of the service. The company through its spokesperson has outlined that it is currently working on resolving uncertainty as well as in the making of PICOPS compliant with GDPR while at the same time upholding its usefulness. The focus has now been restricted to quite a limited set of features.
The discontinuation of the service
There is currently an overwhelming demand for the services, but all the same it has been discontinued. One of the officials has disclosed that the undertaking to make PICOPS GDPR-compliant require quite much in terms of the required resources.
Vitalik Buterin , the co-founder of Ethereum has made his comments in relation to the latest development. He has termed it one of the lowest moments considering that for over quite some time PICOPS had done quite much in line with facilitating a large number of ICOs in the Ethereum ecosystem.
In its recent statement, Parity made it known that it was taking an active interest in blockchain regulations. The CEO of Parity Jutta Steiner while moving out of a business conference that was held recently came across a number of news reporters who wanted to get his perspective regarding the matter. He directed much criticism towards the GDPR asserting that it required a proper review.