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In this paper a commutative watermarking and ciphering scheme for digital images is presented. The commutative property of the proposed method allows to cipher a watermarked image without interfering with the embedded signal or to watermark an encrypted image still allowing a perfect deciphering. Both operations are performed on a parametric transform domain: the Tree Structured Haar transform. The key dependence of the adopted transform domain increases the security of the overall system. In fact, without the knowledge of the generating key it is not possible to extract any useful information from the ciphered-watermarked image. Experimental results show the effectiveness of the proposed scheme.