Hi,
I also live in EU but as I see most form have it, but I agree law is imprecise in this matter. But using a checkbox means a user must take an action and click to show that they agree to your Privacy Policy.
Anyway you can also add simple text under the form using Text addon.
Just reduce bottom margin inside Form Builder addon from 30px (default) to 10px.

BTW
Remember to include below text (in your native language) inside the e-mail that you will get and user if he/she get as a copy.
[x] I have read and accept the Privacy Policy
This may be needed in case of... GDPR law problems, lawyer advice.