I have to make two points.
1. This regulation is specifically (deliberately?) anti small business. If your revenue is less than €20m their fine is up to €20m, i.e. can be 100% of your revenue, meaning bankruptcy. If your revenue is greater than €500m, your fine is capped at only 4% of your revenue, i.e. an acceptable fluctuation. It's worse than a regressive tax.
2. China also has many regulations. Instead if trying to extend their jurisdiction to foreign sites, they simply block them. I thought about this and I actually prefer the Chinese non-expansionist model: I would rather outsource due diligence to the Chinese government than hire expensive EU lawyers and then implement EU specific blocks.
FYI we do not collect any data other than for spam and DDoS attack mitigation, but apparently if you have any third party code in your site like ads you have to subject all of that to this expensive audit.
Well meaning regulation like this written by people who have never created anything pratical in their lives other than regulations illustrates why entrepreneurship in modern Europe is nearly impossible.
1. This regulation is specifically (deliberately?) anti small business. If your revenue is less than €20m their fine is up to €20m, i.e. can be 100% of your revenue, meaning bankruptcy. If your revenue is greater than €500m, your fine is capped at only 4% of your revenue, i.e. an acceptable fluctuation. It's worse than a regressive tax.
2. China also has many regulations. Instead if trying to extend their jurisdiction to foreign sites, they simply block them. I thought about this and I actually prefer the Chinese non-expansionist model: I would rather outsource due diligence to the Chinese government than hire expensive EU lawyers and then implement EU specific blocks.
FYI we do not collect any data other than for spam and DDoS attack mitigation, but apparently if you have any third party code in your site like ads you have to subject all of that to this expensive audit.
Well meaning regulation like this written by people who have never created anything pratical in their lives other than regulations illustrates why entrepreneurship in modern Europe is nearly impossible.