No it's not, at least not that directly.
The issue of where the data is located cannot be resolved by lead partitions. It's about knowing in which Data center your data is located. There a few very good articles in the community on safe harbor :
Now, you may want to use different workspaces and partitions based on geographies so that you can manage easily different unsubscribed policies (per your other question), langages, etc...
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Usually the reason to have Workspaces is to divide leads and assets between BUs or groups that should be separated. Common scenarios
- Region (your business regions)
As Greg said, this has zero to do with privacy rules and I would not necessarily design Marketo WS on that principle. Each WS can use separate privacy workflows to comply with local laws, although I recommend adhering to the strictest country's email rules.