> For the complete documentation index, see [llms.txt](https://docs.usegimbal.app/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.usegimbal.app/compliance/jurisdictions.md).

# Jurisdictions

Who may borrow and who may lend across the EU and EEA, the United States and the remaining Stock Token countries, and the reasoning that supports each position.

{% hint style="info" %}
Nothing here is legal advice. The positions below are enforced in code; see [Eligibility and attestations](/architecture/eligibility.md) for how.
{% endhint %}

## At a glance

| Region                      | Borrowers                                                             | Lenders              | Basis                                        |
| --------------------------- | --------------------------------------------------------------------- | -------------------- | -------------------------------------------- |
| EU and EEA                  | Verified businesses, plus professional and high-net-worth individuals | Professional clients | The primary market                           |
| United States               | Verified businesses, plus professional and high-net-worth individuals | Professional clients | Eligibility rests on verification            |
| Other Stock Token countries | Same as the EU, under local rules                                     | Professional clients | Dropped where intermediation needs a licence |

## EU and EEA

This is the primary market. Under EU law a Stock Token is a MiFID II financial instrument, not a MiCA asset. A peer-to-peer loan secured on one is a bilateral credit agreement, and the platform's role is that of a loan-intermediation service.

Three points hold the position up:

* **Only professional clients lend.** Limiting lenders to professional clients keeps the instrument on the lender side out of retail-offer rules. Retail lending opens jurisdiction by jurisdiction, under whichever crowdfunding or intermediation regime applies locally.
* **Borrowers are businesses, professionals or high-net-worth individuals.** A consumer borrower would bring national consumer-credit law into scope, so retail borrowing is opened only where those obligations are met.
* **USDG is a MiCA-regulated stablecoin**, which underpins its role as the settlement asset throughout the EEA. See [USDG, the loan currency](/collateral/usdg.md).

## United States

US persons can use Gimbal. They pass the same verification as any other participant: identity, sanctions and suitability checks run by the attestation issuer. Professional clients may lend. Verified businesses and professional or high-net-worth individuals may borrow. The protocol never exercises managerial discretion at any point in a loan; origination, repayment, rollover and liquidation are rule-based, and any eligible party can trigger them.

## The rest of the Stock Token countries

Gimbal adopts the Stock Tokens' own list of 120-plus countries and drops every jurisdiction in which intermediating loans requires a licence and operating without one is prohibited. The attestation issuer maintains the resulting list, and the eligibility page publishes it.

## Money transmission, VASP and CASP

Funds never leave escrow, and no fiat is converted. Even so, the operating company undergoes a VASP or CASP assessment in each jurisdiction where the platform is offered, and restricted jurisdictions are geo-fenced at the front end.

## Anti-money laundering

* Screening against sanctions lists when a record is written and whenever it is renewed.
* Re-screening continues after issuance, and a revocation takes effect at once.
* A second layer, independent of the first, in the sequencer's own screening by TRM Labs.
* The relayer and the indexer watch for transaction patterns that call for review.


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