The General Data Protection Regulation (GDPR) will mean big changes for companies, like Uphold, that work closely with personal data.
You may have noticed that there has been a lot of conversations happening over the past few months (if not years) all about the importance of data protection. Specifically, if you are in the EU, you may have seen this in conjunction with more email blasts reminding you to “opt-in” or other notifications on updates to privacy policies.
At Uphold, we are committed to the security, transparency, and privacy of our Members. We embrace the new GDPR rules as they further underpin these commitments.
Here’s a breakdown of what Uphold Members need to know about GDPR:
What Is GDPR?
The General Data Protection Regulation (GDPR) is a European-Union law that goes into effect May 25th, 2018. The regulation addresses data protection and privacy for individuals within the EU, as well as export of personal data. The goal is to give more control and transparency to citizens and how their data is used. With recent hacks on Facebook and LinkedIn, it’s clear that not only is this regulation addressing a problem, but it also has a huge impact on companies that work with data internationally.
What Kind of Data Falls Under GDPR?
According to a press release from the European Commission, “Personal data is any information relating to an individual, whether it relates to his or her private, professional or public life. It can be anything from a name, a home address, a photo, an email address, bank details, posts on social networking websites, medical information, or a computer’s IP address."
Besides the broad terminology, there is also a difference between personal data and sensitive personal data. Sensitive personal data more narrowly addresses information such as race, ethnicity, political opinions, religious beliefs, health, or criminal records. Companies will need explicit consent, instead of automatic click-throughs, to share any personal data.
How Does GDPR Affect Individuals?
GDPR increases EU Citizens’ data rights in several ways, including:
- The right of erasure: individuals may request in certain circumstances to have their personal data to be erased.
- The right to be informed: individuals should be informed about the collection and the use of their personal data.
- The right to data portability: individuals can request their personal data to be sent to them or to another entity.
Uphold & GDPR Regulation
So, what does the new GDPR regulation mean for Uphold members? We support and are 100% complying with the new regulations and, as stated, we will expand these rights not only to our EU citizens but also to Members around the world.
At Uphold, security is at the core of everything we do. Our top priority is to protect you, your funds, and your information. We have improved our policies to ensure we comply. Some key changes you’ll notice as a Member or a Partner include:
- Age limit: Uphold Members must be at least 16 years or older to hold an account.
- Partner Compliance: Our Uphold Partners will be required to follow GDPR rules and regulations.
- Uphold Newsletters & Emails: For EU residents specifically, you will need to explicitly opt-in to continue receiving email communication pertaining to tips, industry news, and promotions. However, you will receive verifications, transaction confirmations, and legal updates since they are essential to the Uphold service.
- Control of Personal Data: You can at any time request a copy of your personal data we have on record, or modify your account information if you believe it is incorrect.
If you have any questions at all about GDPR, your account, or your personal data you can always reach out to us via email at [email protected].