PECUNIO Coin General Data Protection Regulation (GDPR)
Its Over May 25, 2018, a day which the EU General Data Protection Regulation (GDPR)Law takes into full action, everyone is working to ensure data is protected and every organization is working to remain compliant with this new GTPD laws, were users have full access to personal data which is stored by online agencies. Users can now demand a copy of what data is stored and how it is used.
Cryptocurrency organizations are not out of the need to remain compliant with the new GDPR Laws and they are not relaxing over this. Cryptocurrency mining Firms and website collect your data while you log in to your accounts. The Blockchain system has been designed to share public transactions, however, individual Crypto agencies have other personal data which are not shared, in view of this, they must state what data they have and what they do with it. Failure to do so will lead to heavy sanctions of violation of General Data Protection Regulation (GDPR) Law.
PECUNIO Coin policy on GDPR Law
In q quest to remain GDPR on Cryptocurrency by Pecunio Coin, have made an update which reads
We are happy you made your decision for being a part of the PECUNIO family.
Because we appreciate you as a user, we wanted to inform you about our
current data protection efforts.
As the leading blockchain company in Dubai, PECUNIO is fully compliant with
the upcoming General Data Protection Regulation (GDPR), a new European
privacy regulation taking effect on May 25th, 2018. PECUNIO COIN- And Multiversum signed a strategic investment partnership
These are the the most significant statements summarized:
Request to consent: You gave your consent for us to collect and hold
personal identifyable information and we can only collect what is adequate,
necessary, and not excessive. You have the right to cancel this contract
with us at any given time.Right to access: PECUNIO will be transparent with users, clients and /or
customers about what PII is being processed and for what purpose.
Right to be forgotten: You have the right to erase personal data, cease
dissemination, and halt processing of your personal data.
Privacy by design: Privacy by design has existed for years, but GDPR makes
it a legal requirement. It calls for designing systems at the outset that
protect your user identity.We would like to assure our users, clients and/or customers that all
aspects of the new regulations have been addressed and are reflected in our
updated guidelines. PECUNIO GDPR
Fines and Penalties GDPR Violation
The GDPR imposes stiff fines on data controllers and processors for non-compliance.
Fines are administered by individual member state supervisory authorities (83.1). The following 10 criteria are to be used to determine the amount of the fine on a non-compliant firm:
- Nature of infringement: number of people affected, damaged they suffered, duration of infringement, and purpose of processing
- Intention: whether the infringement is intentional or negligent
- Mitigation: actions taken to mitigate damage to data subjects
- Preventative measures: how much technical and organizational preparation the firm had previously implemented to prevent non-compliance
- History: (83.2e) past relevant infringements, which may be interpreted to include infringements under the Data Protection Directive and not just the GDPR, and (83.2i) past administrative corrective actions under the GDPR, from warnings to bans on processing and fines
- Cooperation: how cooperative the firm has been with the supervisory authority to remedy the infringement
- Data type: what types of data the infringement impacts; see special categories of personal data
- Notification: whether the infringement was proactively reported to the supervisory authority by the firm itself or a third party
- Certification: whether the firm had qualified under approved certifications or adhered to approved codes of conduct
- Other: other aggravating or mitigating factors may include financial impact on the firm from the infringement
If a firm infringes on multiple provisions of the GDPR, it shall be fined according to the gravest infringement, as opposed to being separately penalized for each provision. (83.3)
However, the above may not offer much relief considering the amount of fines possible:
Up to €10 million, or 2% of the worldwide annual revenue of the prior financial year, whichever is higher, shall be issued for infringements of:
- Controllers and processors under Articles 8, 11, 25-39, 42, 43
- Certification body under Articles 42, 43
- Monitoring body under Article 41(4)
Up to €20 million, or 4% of the worldwide annual revenue of the prior financial year, whichever is higher, shall be issued for infringements of:
- The basic principles for processing, including conditions for consent, under Articles 5, 6, 7, and 9
- The data subjects’ rights under Articles 12-22
- The transfer of personal data to a recipient in a third country or an international organisation under Articles 44-49
- Any obligations pursuant to Member State law adopted under Chapter IX
- Any non-compliance with an order by a supervisory authority (83.6) Source: GDPR EU.org
We hope you understand clearly PECUNIO GDPR Law