IV. Regional Legal Restrictions

1. China

• Prohibitions: Cryptocurrency trading, ICOs, and derivatives are banned (per Notice on Further Preventing Virtual Currency Trading Risks).

• Data Localization: User data must reside on domestic servers; cross-border transfers require security assessments.

2. European Union

• MiCA Compliance: Requires CASP licensing, AML, and KYC enforcement.

• GDPR Compliance: Users retain data portability and "right to be forgotten."

3. United States

• Securities Law: Tokens deemed securities (per Howey Test) require SEC registration or exemptions.

• Tax Reporting: Users must report crypto gains (IRS Form 8949).