We study the implementability problem for an expressive class of symbolic communication protocols involving multiple participants. Our symbolic protocols describe infinite states and data values using dependent refinement predicates. Implementability asks whether a global protocol specification admits a distributed, asynchronous implementation, namely one for each participant, that is deadlock-free and exhibits the same behavior as the specification. We provide a unified explanation of seemingly disparate sources of non-implementability through a precise semantic characterization of implementability for infinite protocols. Our characterization reduces the problem of implementability to (co)reachability in the global protocol restricted to each participant. This compositional reduction yields the first sound and relatively complete algorithm for checking implementability of symbolic protocols. We use our characterization to show that for finite protocols, implementability is co-NP-complete for explicit representations and PSPACE-complete for symbolic representations. The finite, explicit fragment subsumes a previously studied fragment of multiparty session types for which our characterization yields a PTIME decision procedure, improving upon a prior PSPACE upper bound.