If it's true, you'd think it would be widely-known and publicized in those countries (whichever ones they are) but I can't find any reference to such a policy existing anywhere.
That's the reason Google Analytics, Piwik and others have an option to blank out parts of the IP address.
Jail is a bit dramatic though (at least here), unless you do something bad with them fines + maybe damages would be the maximum, and it is quite unlikely you'll actually get hit. But if you are ever in a situation where this would come to light (= already in legal trouble), it could make things a lot more complicated, especially if you process data for other companies.
There is currently a court case as to whether dynamic IP addresses from ISPs counts as personal information. But static IP address probably count. And all the other information (user X logged in at time Y and send message to other user Z) would be PI too.
Not in (any of) the United States.
Don't make any plans to have a physical EU footprint and you can care less what the EU thinks of your internal policies. EU customers can take it or leave it. Their choice. It's not a warm stance to take, but you've probably got a dozen other balls in the air that you're juggling. EU data compliance probably isn't one your worried about as a small startup.
(especially european users, and businesses)
Personally, I don't see much of a problem when my IP is stored somewhere since you'd need a reference, but others have apparently thought more about it and want it to be anonymized.
(I've now come up with scenario: If you have access to multiple such sets of data, you could connect accounts from different systems. I. e. when the youporn logs leak, someone could tie the data to your HN account etc.)
Combine that with leaks of a social network where you have real names and IP addresses, and you could actually identify the name, job, address, etc of everyone who watched a specific clip of porn.
That’s very bad.
Metadata. Not even once.
That's a sure way to go to jail.
Don't store which IP requested what for more than necessary — in many countries, there are limits if a few months on how long you may store metadata.