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You should have some basic "terms & privacy" policies.

You can start with free options in:

In case you need some 'complex' or 'delicate' stuff from your users, you can update those policies (paying a '1' time fee) and update it. Plus having your policies served on other servers is a good choice in case something go wrong from your side.

As @wojciechgabrys says "Go through the legal docs of your competitors/similar sites and come up with something similar." and you should be 'OK'.

Plus some services like 'termsfeed' can help you set up a privacy policy for the incoming GDPR on May 25.

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