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Do I need to worry about GDPR and COPPA if I am launching an MVP?

I have an MVP built out right now, and I wanted to release it for testing and feedback purposes. The intention is that all data being collected for this MVP will get deleted. Do I need to have anything more than a Privacy Policy and Terms of Service?

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    GDPR and COPPA apply to MVPs. Find a non-onerous way to comply.

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