Title: Jurisdictions · EthSystems

URL Source: https://original.es-internal.pages.dev/jurisdictions/

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description: Jurisdictions
title: Jurisdictions · EthSystems
image: https://original.es-internal.pages.dev/og/jurisdictions.png
---

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[ DE / eWpG (Electronic Securities Act) DE·EWPG Germany's eWpG gives electronic securities, including crypto-securities recorded on a DLT register, the same legal standing as paper certificates. Operating a crypto-securities register and providing crypto custody are… eWpG (Gesetz über elektronische Wertpapiere, 2021)BaFin licensing for crypto-securities registrars & custody Scope **Entities** issuers, custodians, registrars, trading venues **Activities** on-chain issuance, registry operations, custody, secondary trading ](/jurisdictions/de-ewpg/)[ EU Data Protection & PETs EU·DATA-PROTECTION GDPR (personal-data processing) and DORA (ICT resilience and incident reporting) apply to crypto entities alongside MiCA. The live tension for builders is personal data on immutable ledgers: erasure rights and the… GDPR (Reg. (EU) 2016/679)DORA (Reg. (EU) 2022/2554)MiCA (Reg. (EU) 2023/1114) Scope **Entities** CASPs, custodians, exchanges, wallet providers **Activities** custody, KYC/AML, data processing, cross-border transfers ](/jurisdictions/eu-data-protection/)[ EU / MiCA EU·MICA The EU offers a single, passportable regime under MiCA: prescriptive but predictable. Stablecoins (asset-referenced and e-money tokens) came into scope mid-2024; CASP authorisation and conduct rules apply from end-2024… MiCA (Reg. (EU) 2023/1114)Transfer of Funds Regulation ("Travel Rule")DORA (Reg. (EU) 2022/2554) Scope **Entities** CASPs, token issuers (ART/EMT), custodians, trading venues **Activities** issuance, custody, trading, stablecoins, staking ](/jurisdictions/eu-mica/) 

[ US / SEC US·SEC The SEC's posture is restrictive but evolving, applied substantially through enforcement: assets deemed securities fall under full registration and disclosure rules. Recent clarity has opened doors: stablecoins are now… SEC "investment contract" (Howey) analysis of digital assetsGENIUS Act (2025), federal stablecoin lawSEC generic listing standards for commodity-based ETPs (2025) Scope **Entities** issuers, exchanges/ATS, broker-dealers, custodians, asset managers **Activities** issuance, custody, staking, stablecoins, ETPs ](/jurisdictions/us-sec/) 

[ China (CN) CN·CRYPTO-BAN China holds one of the world's strictest stances: cryptocurrency trading, mining, and payment services have been banned since 2021, and related business activity is treated as illegal. In parallel the state promotes… 2021 Notice on Further Preventing and Dealing with Crypto Trading RisksAnti-Money Laundering LawData Security Law / PIPL Scope **Entities** financial institutions, payment providers, exchanges, miners **Activities** trading, mining, payments, token issuance ](/jurisdictions/cn-crypto-ban/)[ Hong Kong SAR (HK) HK·CRYPTO-LICENSING Under "One Country, Two Systems," Hong Kong runs a separate, progressive regime, distinct from the mainland ban. Since 2023 it has offered a licensing path (the SFC's VASP regime) covering exchanges, custody, and… SFC VASP licensing regimeAMLO (Anti-Money Laundering Ordinance)Securities and Futures Ordinance Scope **Entities** licensed exchanges, custodians, fund managers, trading platforms **Activities** trading, custody, fund management, token distribution ](/jurisdictions/hk-crypto-licensing/) 

[ Banking Secrecy (multi-jurisdiction) INT·BANKING-SECRECY Banking-secrecy laws (strongest in places like Switzerland) protect client financial data from disclosure, but they are not absolute: they yield to AML/CTF, sanctions, tax cooperation (CRS/FATCA), court orders, and… National banking-secrecy laws (e.g., CH Banking Act Art. 47)AML/CTF & sanctions regimes (EU AML, FATF, BSA/FinCEN)Cross-border tax cooperation (CRS / FATCA) Scope **Entities** banks, custodians, brokers, CASPs, asset managers **Activities** onboarding, data handling, investigations, cross-border ops ](/jurisdictions/int-banking-secrecy/) 

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