Developed Parity platform identification PICOPS (Parity ICO Passport Service) 24 may stop working due to the inconsistency of the General regulation on data protection (GDPR) of the European Union.
Service PICOPS helped start-UPS, conducting the ICO on the basis of the Ethereum blockchain, to comply with the requirements for customer identification and anti-money laundering and allowed to confirm that the owner of the Ethereum wallet authenticated ID.
A ICO used PICOPS for compliance with KYC / AML in their jurisdictions. However, the introduction rules and EU directives, such as the GDPR, created problems associated with storing personal information, which force the service will be limited to a very narrow set of functions.
«To achieve compliance with the requirements of the GDPR PICOPS require significant resources. Platform identification is not a key element of our technical suggestions. In this regard, we have decided to close the service, although he was in great demand», – reads the statement of Parity.
According to the President of Parity Technologies Jutta Steiner (Michael Steiner), these actions do not imply that the company intends to wait and watch the development of the sector regulation of the blockchain – it will take the most direct part in this process, proposing to revise the legal basis of the requirements of the GDPR.
«GDPR developed on the basis of calculation of a certain prospect of using the technology of the blockchain without taking into account real aspects of her work: the principle of public decentralized networks excludes the idea of destruction of personal data. Taking into account the stage of technology development, I think that there is still time for changes and improvements of certain items GDPR» she said.