diff --git a/src/KArtSell.Host/Features/Identity/VS01_CreateUserEndpoint.cs b/src/KArtSell.Host/Features/Identity/VS01_CreateUserEndpoint.cs
new file mode 100644
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+++ b/src/KArtSell.Host/Features/Identity/VS01_CreateUserEndpoint.cs
@@ -0,0 +1,586 @@
+using FastEndpoints;
+using System.Security.Cryptography;
+using System.Text;
+
+namespace KArtSell.Host.Features.Identity;
+
+/// <summary>
+/// VS-01 Backend: Create User Endpoint
+/// Accepts: email, password, roles
+/// Returns: 201 Created { userId, email, roles, createdAt }
+/// Idempotency: IdempotencyKey header
+/// </summary>
+public sealed class CreateUserRequest
+{
+    public string Email { get; set; } = "";
+    public string Password { get; set; } = "";
+    public List<string> Roles { get; set; } = new();
+}
+
+public sealed class CreateUserResponse
+{
+    public Guid UserId { get; set; }
+    public string Email { get; set; } = "";
+    public List<string> Roles { get; set; } = new();
+    public DateTime CreatedAt { get; set; }
+}
+
+public sealed class CreateUserEndpoint : Endpoint<CreateUserRequest, CreateUserResponse>
+{
+    private readonly IIdentityService _identityService;
+    private readonly IIdempotencyStore _idempotencyStore;
+
+    public CreateUserEndpoint(IIdentityService identityService, IIdempotencyStore idempotencyStore)
+    {
+        _identityService = identityService;
+        _idempotencyStore = idempotencyStore;
+    }
+
+    public override void Configure()
+    {
+        Post("/api/users");
+        Roles("Admin");  // Only Admin can create users
+    }
+
+    public override async Task HandleAsync(CreateUserRequest req, CancellationToken ct)
+    {
+        // Idempotency: Check IdempotencyKey header
+        var idempotencyKey = HttpContext.Request.Headers["IdempotencyKey"].ToString();
+        if (!string.IsNullOrEmpty(idempotencyKey))
+        {
+            var existing = await _idempotencyStore.GetAsync(idempotencyKey, ct);
+            if (existing != null)
+            {
+                // Already created, return same response
+                Response.StatusCode = StatusCodes.Status201Created;
+                await SendAsync(existing, cancellation: ct);
+                return;
+            }
+        }
+
+        // Validation
+        if (!IsValidEmail(req.Email))
+        {
+            ThrowError(r => r.AddError("email", "Invalid email format"));
+        }
+
+        if (req.Password.Length < 12)
+        {
+            ThrowError(r => r.AddError("password", "Password must be at least 12 characters"));
+        }
+
+        if (req.Roles.Count == 0)
+        {
+            ThrowError(r => r.AddError("roles", "User must have at least one role"));
+        }
+
+        // Create user (idempotent via email UNIQUE constraint)
+        var result = await _identityService.CreateUserAsync(
+            req.Email,
+            req.Password,
+            req.Roles,
+            idempotencyKey,
+            ct);
+
+        if (!result.IsSuccess)
+        {
+            if (result.Error.Contains("already exists"))
+            {
+                ThrowError(StatusCodes.Status409Conflict, r =>
+                    r.AddError("email", "User with this email already exists"));
+            }
+            else
+            {
+                ThrowError(r => r.AddError("error", result.Error));
+            }
+        }
+
+        // Store idempotency key
+        if (!string.IsNullOrEmpty(idempotencyKey))
+        {
+            await _idempotencyStore.StoreAsync(idempotencyKey, result.Data, ct);
+        }
+
+        Response.StatusCode = StatusCodes.Status201Created;
+        await SendAsync(result.Data, cancellation: ct);
+    }
+
+    private bool IsValidEmail(string email)
+    {
+        try
+        {
+            var addr = new System.Net.Mail.MailAddress(email);
+            return addr.Address == email.ToLowerInvariant();
+        }
+        catch
+        {
+            return false;
+        }
+    }
+
+    private void ThrowError(string status, Action<ValidationFailure> configure)
+    {
+        var failure = new ValidationFailure();
+        configure(failure);
+        throw new HttpRequestException(failure.ToString());
+    }
+
+    private void ThrowError(Action<ValidationFailure> configure)
+    {
+        ThrowError("400", configure);
+    }
+}
+
+/// <summary>
+/// VS-01 Backend: List Users Endpoint
+/// Filters: role, status, page, limit
+/// Returns: { items: [User], total, page, limit }
+/// </summary>
+public sealed class ListUsersRequest
+{
+    public int Page { get; set; } = 1;
+    public int Limit { get; set; } = 20;
+    public string? Role { get; set; }
+    public string? Status { get; set; }
+}
+
+public sealed class UserDto
+{
+    public Guid Id { get; set; }
+    public string Email { get; set; } = "";
+    public List<string> Roles { get; set; } = new();
+    public string Status { get; set; } = "active";
+    public DateTime CreatedAt { get; set; }
+}
+
+public sealed class ListUsersResponse
+{
+    public List<UserDto> Items { get; set; } = new();
+    public int Total { get; set; }
+    public int Page { get; set; }
+    public int Limit { get; set; }
+}
+
+public sealed class ListUsersEndpoint : Endpoint<ListUsersRequest, ListUsersResponse>
+{
+    private readonly IIdentityService _identityService;
+
+    public ListUsersEndpoint(IIdentityService identityService)
+    {
+        _identityService = identityService;
+    }
+
+    public override void Configure()
+    {
+        Get("/api/users");
+        Roles("Admin", "Analyst");  // Visible to Admin and Analyst
+    }
+
+    public override async Task HandleAsync(ListUsersRequest req, CancellationToken ct)
+    {
+        var (items, total) = await _identityService.ListUsersAsync(
+            page: req.Page,
+            limit: req.Limit,
+            roleFilter: req.Role,
+            statusFilter: req.Status,
+            cancellationToken: ct);
+
+        var response = new ListUsersResponse
+        {
+            Items = items.Select(u => new UserDto
+            {
+                Id = u.Id,
+                Email = u.Email,
+                Roles = u.Roles.ToList(),
+                Status = u.Status,
+                CreatedAt = u.CreatedAt,
+            }).ToList(),
+            Total = total,
+            Page = req.Page,
+            Limit = req.Limit,
+        };
+
+        await SendAsync(response, cancellation: ct);
+    }
+}
+
+/// <summary>
+/// VS-01 Backend: Update User Roles Endpoint
+/// Body: { roles: ["Analyst", "Viewer"] }
+/// Returns: 200 { userId, roles, updatedAt }
+/// </summary>
+public sealed class UpdateUserRolesRequest
+{
+    public List<string> Roles { get; set; } = new();
+}
+
+public sealed class UpdateUserRolesResponse
+{
+    public Guid UserId { get; set; }
+    public List<string> Roles { get; set; } = new();
+    public DateTime UpdatedAt { get; set; }
+}
+
+public sealed class UpdateUserRolesEndpoint : Endpoint<UpdateUserRolesRequest, UpdateUserRolesResponse>
+{
+    private readonly IIdentityService _identityService;
+
+    public UpdateUserRolesEndpoint(IIdentityService identityService)
+    {
+        _identityService = identityService;
+    }
+
+    public override void Configure()
+    {
+        Patch("/api/users/{id}");
+        Roles("Admin");  // Only Admin can modify roles
+    }
+
+    public override async Task HandleAsync(UpdateUserRolesRequest req, CancellationToken ct)
+    {
+        var userId = Route<Guid>("id");
+
+        // Validation
+        if (req.Roles.Count == 0)
+        {
+            ThrowError(r => r.AddError("roles", "User must have at least one role"));
+        }
+
+        var validRoles = new[] { "Admin", "Analyst", "Trader", "Viewer" };
+        var invalidRoles = req.Roles.Except(validRoles).ToList();
+        if (invalidRoles.Count > 0)
+        {
+            ThrowError(r => r.AddError("roles", $"Invalid roles: {string.Join(", ", invalidRoles)}"));
+        }
+
+        // Update roles
+        var result = await _identityService.UpdateUserRolesAsync(userId, req.Roles, ct);
+
+        if (!result.IsSuccess)
+        {
+            if (result.Error.Contains("not found"))
+            {
+                ThrowError(StatusCodes.Status404NotFound, r =>
+                    r.AddError("userId", "User not found"));
+            }
+            else
+            {
+                ThrowError(r => r.AddError("error", result.Error));
+            }
+        }
+
+        await SendAsync(result.Data, cancellation: ct);
+    }
+
+    private void ThrowError(Action<ValidationFailure> configure)
+    {
+        var failure = new ValidationFailure();
+        configure(failure);
+        throw new HttpRequestException(failure.ToString());
+    }
+
+    private void ThrowError(int status, Action<ValidationFailure> configure)
+    {
+        var failure = new ValidationFailure();
+        configure(failure);
+        throw new HttpRequestException($"{status}: {failure}");
+    }
+}
+
+/// <summary>
+/// VS-01 Backend: Core Identity Service
+/// Handles: User CRUD, Role management, Permission validation
+/// Transactional: All operations atomic
+/// Idempotent: Replay-safe using email-based dedup
+/// </summary>
+public interface IIdentityService
+{
+    Task<OperationResult<CreateUserResponse>> CreateUserAsync(
+        string email, string password, List<string> roles, string? idempotencyKey, CancellationToken ct);
+
+    Task<(List<UserModel>, int total)> ListUsersAsync(
+        int page, int limit, string? roleFilter, string? statusFilter, CancellationToken ct);
+
+    Task<OperationResult<UpdateUserRolesResponse>> UpdateUserRolesAsync(
+        Guid userId, List<string> roles, CancellationToken ct);
+}
+
+public class IdentityService : IIdentityService
+{
+    private readonly NpgsqlDataSource _dataSource;
+    private readonly IIdempotencyStore _idempotencyStore;
+
+    public IdentityService(NpgsqlDataSource dataSource, IIdempotencyStore idempotencyStore)
+    {
+        _dataSource = dataSource;
+        _idempotencyStore = idempotencyStore;
+    }
+
+    public async Task<OperationResult<CreateUserResponse>> CreateUserAsync(
+        string email, string password, List<string> roles, string? idempotencyKey, CancellationToken ct)
+    {
+        try
+        {
+            await using var connection = await _dataSource.OpenConnectionAsync(ct);
+            await using var transaction = await connection.BeginTransactionAsync(ct);
+
+            var userId = Guid.NewGuid();
+            var passwordHash = HashPassword(password);
+            var emailNorm = email.ToLowerInvariant();
+            var emailHash = ComputeHash(emailNorm);
+
+            const string insertUserSql = """
+                INSERT INTO identity.users (id, email, email_hash, password_hash, status, created_at, updated_at, published_at, correlation_id)
+                VALUES (@id, @email, @emailHash, @passwordHash, 'active', CURRENT_TIMESTAMP, CURRENT_TIMESTAMP, CURRENT_TIMESTAMP, @correlationId)
+                ON CONFLICT(email) DO NOTHING
+                RETURNING id, email, status, created_at;
+                """;
+
+            await using var cmd = connection.CreateCommand();
+            cmd.CommandText = insertUserSql;
+            cmd.Parameters.AddWithValue("@id", userId);
+            cmd.Parameters.AddWithValue("@email", emailNorm);
+            cmd.Parameters.AddWithValue("@emailHash", emailHash);
+            cmd.Parameters.AddWithValue("@passwordHash", passwordHash);
+            cmd.Parameters.AddWithValue("@correlationId", idempotencyKey ?? Guid.NewGuid().ToString());
+
+            var user = await cmd.ExecuteScalarAsync(ct);
+            if (user == null)
+            {
+                await transaction.RollbackAsync(ct);
+                return new OperationResult<CreateUserResponse>
+                {
+                    IsSuccess = false,
+                    Error = "User with this email already exists"
+                };
+            }
+
+            // Insert roles
+            foreach (var role in roles)
+            {
+                const string insertRoleSql = """
+                    INSERT INTO identity.user_roles (user_id, role_id, assigned_at, published_at, correlation_id)
+                    SELECT @userId, id, CURRENT_TIMESTAMP, CURRENT_TIMESTAMP, @correlationId
+                    FROM identity.roles WHERE name = @roleName;
+                    """;
+
+                await using var roleCmd = connection.CreateCommand();
+                roleCmd.CommandText = insertRoleSql;
+                roleCmd.Parameters.AddWithValue("@userId", userId);
+                roleCmd.Parameters.AddWithValue("@roleName", role);
+                roleCmd.Parameters.AddWithValue("@correlationId", idempotencyKey ?? Guid.NewGuid().ToString());
+
+                await roleCmd.ExecuteNonQueryAsync(ct);
+            }
+
+            await transaction.CommitAsync(ct);
+
+            return new OperationResult<CreateUserResponse>
+            {
+                IsSuccess = true,
+                Data = new CreateUserResponse
+                {
+                    UserId = userId,
+                    Email = emailNorm,
+                    Roles = roles,
+                    CreatedAt = DateTime.UtcNow,
+                }
+            };
+        }
+        catch (Exception ex)
+        {
+            return new OperationResult<CreateUserResponse>
+            {
+                IsSuccess = false,
+                Error = ex.Message
+            };
+        }
+    }
+
+    public async Task<(List<UserModel>, int total)> ListUsersAsync(
+        int page, int limit, string? roleFilter, string? statusFilter, CancellationToken ct)
+    {
+        await using var connection = await _dataSource.OpenConnectionAsync(ct);
+
+        // Count total
+        const string countSql = """
+            SELECT COUNT(*) FROM identity.users
+            WHERE published_at <= CURRENT_TIMESTAMP
+              AND (@status IS NULL OR status = @status)
+              AND (@roleFilter IS NULL OR id IN (
+                SELECT ur.user_id FROM identity.user_roles ur
+                JOIN identity.roles r ON ur.role_id = r.id
+                WHERE r.name = @roleFilter AND ur.removed_at IS NULL
+              ));
+            """;
+
+        await using var countCmd = connection.CreateCommand();
+        countCmd.CommandText = countSql;
+        countCmd.Parameters.AddWithValue("@status", statusFilter ?? "");
+        countCmd.Parameters.AddWithValue("@roleFilter", roleFilter ?? "");
+
+        var total = Convert.ToInt32(await countCmd.ExecuteScalarAsync(ct));
+
+        // Fetch page
+        const string selectSql = """
+            SELECT u.id, u.email, u.status, u.created_at,
+                   array_agg(r.name) FILTER (WHERE r.name IS NOT NULL) as roles
+            FROM identity.users u
+            LEFT JOIN identity.user_roles ur ON u.id = ur.user_id AND ur.removed_at IS NULL
+            LEFT JOIN identity.roles r ON ur.role_id = r.id
+            WHERE u.published_at <= CURRENT_TIMESTAMP
+              AND (@status IS NULL OR u.status = @status)
+            GROUP BY u.id
+            ORDER BY u.created_at DESC
+            LIMIT @limit OFFSET @offset;
+            """;
+
+        await using var cmd = connection.CreateCommand();
+        cmd.CommandText = selectSql;
+        cmd.Parameters.AddWithValue("@status", statusFilter ?? "");
+        cmd.Parameters.AddWithValue("@limit", limit);
+        cmd.Parameters.AddWithValue("@offset", (page - 1) * limit);
+
+        var users = new List<UserModel>();
+        await using var reader = await cmd.ExecuteReaderAsync(ct);
+
+        while (await reader.ReadAsync(ct))
+        {
+            users.Add(new UserModel
+            {
+                Id = reader.GetGuid(0),
+                Email = reader.GetString(1),
+                Status = reader.GetString(2),
+                CreatedAt = reader.GetDateTime(3),
+                Roles = reader.IsDBNull(4) ? new List<string>() : ((string[])reader.GetValue(4)).ToList(),
+            });
+        }
+
+        return (users, total);
+    }
+
+    public async Task<OperationResult<UpdateUserRolesResponse>> UpdateUserRolesAsync(
+        Guid userId, List<string> roles, CancellationToken ct)
+    {
+        await using var connection = await _dataSource.OpenConnectionAsync(ct);
+        await using var transaction = await connection.BeginTransactionAsync(ct);
+
+        try
+        {
+            // Verify user exists
+            const string verifySql = "SELECT id FROM identity.users WHERE id = @id;";
+            await using var verifyCmd = connection.CreateCommand();
+            verifyCmd.CommandText = verifySql;
+            verifyCmd.Parameters.AddWithValue("@id", userId);
+
+            if (await verifyCmd.ExecuteScalarAsync(ct) == null)
+            {
+                return new OperationResult<UpdateUserRolesResponse>
+                {
+                    IsSuccess = false,
+                    Error = "User not found"
+                };
+            }
+
+            // Revoke all current roles
+            const string revokeSql = """
+                UPDATE identity.user_roles
+                SET removed_at = CURRENT_TIMESTAMP
+                WHERE user_id = @userId AND removed_at IS NULL;
+                """;
+
+            await using var revokeCmd = connection.CreateCommand();
+            revokeCmd.CommandText = revokeSql;
+            revokeCmd.Parameters.AddWithValue("@userId", userId);
+            await revokeCmd.ExecuteNonQueryAsync(ct);
+
+            // Assign new roles
+            foreach (var role in roles)
+            {
+                const string assignSql = """
+                    INSERT INTO identity.user_roles (user_id, role_id, assigned_at, published_at, correlation_id)
+                    SELECT @userId, id, CURRENT_TIMESTAMP, CURRENT_TIMESTAMP, @correlationId
+                    FROM identity.roles WHERE name = @roleName;
+                    """;
+
+                await using var assignCmd = connection.CreateCommand();
+                assignCmd.CommandText = assignSql;
+                assignCmd.Parameters.AddWithValue("@userId", userId);
+                assignCmd.Parameters.AddWithValue("@roleName", role);
+                assignCmd.Parameters.AddWithValue("@correlationId", Guid.NewGuid().ToString());
+
+                await assignCmd.ExecuteNonQueryAsync(ct);
+            }
+
+            await transaction.CommitAsync(ct);
+
+            return new OperationResult<UpdateUserRolesResponse>
+            {
+                IsSuccess = true,
+                Data = new UpdateUserRolesResponse
+                {
+                    UserId = userId,
+                    Roles = roles,
+                    UpdatedAt = DateTime.UtcNow,
+                }
+            };
+        }
+        catch (Exception ex)
+        {
+            await transaction.RollbackAsync(ct);
+            return new OperationResult<UpdateUserRolesResponse>
+            {
+                IsSuccess = false,
+                Error = ex.Message
+            };
+        }
+    }
+
+    private static string HashPassword(string password)
+    {
+        // Simplified: use bcrypt in production
+        return Convert.ToBase64String(System.Security.Cryptography.SHA256.HashData(Encoding.UTF8.GetBytes(password)));
+    }
+
+    private static string ComputeHash(string input)
+    {
+        return Convert.ToBase64String(System.Security.Cryptography.SHA256.HashData(Encoding.UTF8.GetBytes(input)));
+    }
+}
+
+public class UserModel
+{
+    public Guid Id { get; set; }
+    public string Email { get; set; } = "";
+    public List<string> Roles { get; set; } = new();
+    public string Status { get; set; } = "active";
+    public DateTime CreatedAt { get; set; }
+}
+
+public interface IIdempotencyStore
+{
+    Task<CreateUserResponse?> GetAsync(string idempotencyKey, CancellationToken ct);
+    Task StoreAsync(string idempotencyKey, CreateUserResponse response, CancellationToken ct);
+}
+
+public class OperationResult<T>
+{
+    public bool IsSuccess { get; set; }
+    public T? Data { get; set; }
+    public string Error { get; set; } = "";
+}
+
+public class ValidationFailure
+{
+    private readonly List<(string field, string message)> _errors = new();
+
+    public void AddError(string field, string message)
+    {
+        _errors.Add((field, message));
+    }
+
+    public override string ToString()
+    {
+        return string.Join("; ", _errors.Select(e => $"{e.field}: {e.message}"));
+    }
+}