Europe’s Data Privacy Law Prompts Parity To Ditch KYC Service

Parity, a blockchain company that pursues solutions related to the Ethereum network, will abandon an identity verification service that it launched last year ahead of the implementation of Europe’s GDPR privacy law.

In anticipation of the General Data Protection Regulation (GDPR) that will go into effect in Europe later this week, blockchain firm Parity has announced that it will stop providing its Parity ICO Passport Service (PICOPS).

The service aimed to reduce the challenges associated with know-your-customer (KYC) and anti-money-laundering (AML) compliance by tying an Ethereum address to information about the individual who controls the private key associated with that address.

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