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Is this a reasonable privacy policy for a VPN provider?

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It may be that in the country where you want your exit point that there are laws that require user information to be kept.

For example, in the UK, it is a legal requirement for an "ISP" to retain the identity of any user of their service, and store it together with the IP address that they were allocated, such that in the event of a copyright complaint, the subscriber can be identified. If an "ISP" doesn't retain such details, and they receive a CIRA request from a copyright holder, they can face huge fines, and can also be sued for negligence by the copyright holder for failing to prevent copyright infringement.

There is still a bit of a grey area as to what is classed as an "ISP", but a VPN service would almost certainly quality. A coffee-shop providing wi-fi to customers would probably also qualify, but that is not absolutely clear cut.
 
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