# The on-chain privacy landscape, mapped > A neutral, sourced directory of the on-chain privacy field: the teams and technologies building confidentiality across FHE, MPC, garbled circuits, ZK and TEE, and the regulation that governs them. Last updated: August 11, 2026 Maintained by Soda Labs (https://www.sodalabs.xyz/), which builds Bubble, confidential infrastructure for on-chain finance. Entries about Soda Labs are marked; the rest are described from the projects' own primary sources, and corrections are welcome at https://www.sodalabs.xyz/contact. - Human-readable hub: https://www.sodalabs.xyz/privacy-hub - Machine-readable directory (JSON): https://www.sodalabs.xyz/privacy-hub/data.json - RSS feed: https://www.sodalabs.xyz/privacy-hub/feed.xml - Neutral technology comparison: https://www.sodalabs.xyz/taxonomy - Every entry below also exists as markdown at .md ## Market map (98 entries) ### Privacy projects (35) - [Bubble](https://www.sodalabs.xyz/privacy-hub/bubble) [MPC-GC]: Privacy-preserving portfolio management and confidential transactions across any L1, L2 and cross-chain operation. - [Zama](https://www.sodalabs.xyz/privacy-hub/zama) [FHE]: Zama did what most of the field assumed was still years out: it brought fully homomorphic encryption to Ethereum at the end of 2025, with confidential tokens whose balances and tra… - [Fhenix](https://www.sodalabs.xyz/privacy-hub/fhenix) [FHE]: Fhenix builds CoFHE, a fully homomorphic encryption coprocessor that lets an ordinary EVM contract hand encrypted work to an off-chain compute layer and get a verified result back. - [Inco](https://www.sodalabs.xyz/privacy-hub/inco) [TEE]: Inco ships Lightning, a confidential token framework that gives ERC-20 style assets encrypted balances and transfers while keeping the developer experience close to ordinary Solidi… - [Aztec](https://www.sodalabs.xyz/privacy-hub/aztec) [ZK]: Aztec has been building private smart contracts for Ethereum since 2017, and along the way it wrote much of the toolchain the wider field now uses. - [Aleo](https://www.sodalabs.xyz/privacy-hub/aleo) [ZK]: Aleo is one of the very few teams to have shipped a zero-knowledge Layer 1 with a full stack of its own. - [Railgun](https://www.sodalabs.xyz/privacy-hub/railgun) [ZK]: Railgun is the most used private DeFi protocol on Ethereum, with 4.5 billion dollars moved cumulatively by early 2026. - [Privacy Pools](https://www.sodalabs.xyz/privacy-hub/privacy-pools) [ZK]: Privacy Pools implements one of the most consequential ideas in the field: association-set proofs, from a paper co-authored by Vitalik Buterin. - [Zcash](https://www.sodalabs.xyz/privacy-hub/zcash) [ZK]: Zcash invented shielded payments at scale and handed the rest of the field its foundations. - [Miden](https://www.sodalabs.xyz/privacy-hub/miden) [ZK]: Miden spun out of Polygon with 25 million dollars behind a genuinely different architecture: client-side proving. - [Penumbra](https://www.sodalabs.xyz/privacy-hub/penumbra) [ZK]: Penumbra is one of the most elegant designs in the field: a fully shielded Cosmos chain where every action is private, staking and trading included. - [Oasis Sapphire](https://www.sodalabs.xyz/privacy-hub/oasis) [TEE]: Oasis Sapphire is the confidential EVM that has been in production the longest: ordinary Solidity, encrypted state and encrypted calldata, running inside Intel SGX enclaves. - [Phala](https://www.sodalabs.xyz/privacy-hub/phala) [TEE]: Phala runs a decentralized confidential compute cloud, where workloads execute inside attested hardware and a customer can verify what is running before trusting it with anything. - [Secret Network](https://www.sodalabs.xyz/privacy-hub/secret) [TEE]: Secret has run encrypted smart contracts in production longer than anyone else, since 2020, and a good deal of what the industry knows about operating TEE-based privacy at real sca… - [Seismic](https://www.sodalabs.xyz/privacy-hub/seismic) [TEE]: Seismic raised seventeen million dollars from a16z to build an encrypted EVM where confidentiality is a language-level primitive. - [Partisia](https://www.sodalabs.xyz/privacy-hub/partisia) [MPC-GC]: Partisia carries as much academic MPC pedigree as anything in this field, tracing back to the Aarhus cryptography group behind several of the foundational secure-computation result… - [Arcium](https://www.sodalabs.xyz/privacy-hub/arcium) [MPC-GC]: Arcium is the most substantial MPC effort on Solana, running an encrypted execution engine that handles hundreds of thousands of confidential computations a day and already carries… - [Nillion](https://www.sodalabs.xyz/privacy-hub/nillion) [MPC-GC]: Nillion is building blind compute: a network where data is split across nodes and operated on while it stays encrypted. - [COTI](https://www.sodalabs.xyz/privacy-hub/coti) [MPC-GC]: COTI runs a confidential EVM in production on Ethereum rails, built on garbled circuits developed with Soda Labs technology, with more than 125 million transactions behind it. - [PriveX](https://www.sodalabs.xyz/privacy-hub/privex) [MPC-GC]: PriveX is the first exchange powered by garbled circuits, running perpetuals with private execution on COTI's confidential EVM, built on Soda technology. - [Zoniqx](https://www.sodalabs.xyz/privacy-hub/zoniqx) [MPC-GC]: Zoniqx tokenizes real-world assets on COTI's confidential EVM, keeping cap tables, registers and positions off the public record while staying inside a compliance framework. - [Umbra](https://www.sodalabs.xyz/privacy-hub/umbra) [MPC-GC]: Umbra is a private wallet and shielded pool on Solana, public since March 2026, and the clearest evidence yet that Arcium's encrypted execution engine can carry a consumer product. - [Panther Protocol](https://www.sodalabs.xyz/privacy-hub/panther) [ZK]: Panther shipped its shielded pool on Polygon in May 2026 with disclosure designed into the protocol rather than bolted on afterwards. - [Fluidkey](https://www.sodalabs.xyz/privacy-hub/fluidkey): Fluidkey wraps stealth addresses in a payments product polished enough that people actually use it, across seven EVM chains, with real traction for receiving funds privately. - [Hinkal](https://www.sodalabs.xyz/privacy-hub/hinkal) [ZK]: Hinkal took shielded balances further than most, letting users hold assets privately and then deploy them directly inside DeFi protocols across several chains, rather than shieldin… - [iExec](https://www.sodalabs.xyz/privacy-hub/iexec) [TEE]: iExec has been running decentralized confidential computing since 2017, with a network of trusted-execution nodes and a data-governance layer that lets someone monetize access to a… - [Mina](https://www.sodalabs.xyz/privacy-hub/mina) [ZK]: Mina keeps the entire blockchain small enough to verify on a phone, using recursive zero-knowledge proofs so that a constant-size proof stands in for the whole chain history. - [Namada](https://www.sodalabs.xyz/privacy-hub/namada) [ZK]: Namada runs a single shielded pool that works for any asset, native or bridged, so every token shares one anonymity set instead of each having its own thin one. - [Noir](https://www.sodalabs.xyz/privacy-hub/noir) [ZK]: Noir is a domain-specific language for zero-knowledge circuits that made writing provable programs feel like writing Rust, and it has become one of the most widely adopted ways to… - [Shutter Network](https://www.sodalabs.xyz/privacy-hub/shutter-network) [MPC-GC]: Shutter encrypts transactions until they are already ordered, using threshold cryptography and distributed key generation so a committee can only decrypt after the block is fixed. - [Monero](https://www.sodalabs.xyz/privacy-hub/monero): Monero is the most used private cryptocurrency in existence and the field's most thoroughly battle-tested design. - [NYM](https://www.sodalabs.xyz/privacy-hub/nym): Nym runs a mixnet that defends the layer encryption leaves exposed: not what you said, but who you talked to, when and how often. - [Renegade](https://www.sodalabs.xyz/privacy-hub/renegade) [MPC-GC]: Renegade runs a dark pool where orders are matched under multi-party computation, so that no one, including the operators, sees an order before it executes, with zero-knowledge pro… - [semaphore](https://www.sodalabs.xyz/privacy-hub/semaphore) [ZK]: Semaphore is the primitive a large part of this field is built on: prove you belong to a group and broadcast a signal, exactly once, without revealing which member you are. - [Session](https://www.sodalabs.xyz/privacy-hub/session): Session is an encrypted messenger that needs no phone number and no email address, routing messages through an onion network so that even the servers cannot see who is talking to w… ### Bubble integrations (12) - [MetaMask](https://www.sodalabs.xyz/privacy-hub/int-metamask): Self-custody through the wallet most of the market already uses. - [Privy](https://www.sodalabs.xyz/privacy-hub/int-privy): Embedded self-custody wallets for apps that onboard users with an email address. - [Turnkey](https://www.sodalabs.xyz/privacy-hub/int-turnkey): Wallet infrastructure for teams that run signing at scale. Turnkey policies govern who can sign; Bubble keeps what they sign confidential on chain. - [Silence Laboratories](https://www.sodalabs.xyz/privacy-hub/int-silence-labs): MPC wallets meet MPC privacy. Threshold signing on the wallet side, garbled-circuit computation on the chain side, and no single machine ever holds either the full key or a plainte… - [Gnosis](https://www.sodalabs.xyz/privacy-hub/int-gnosis): Smart-contract wallets with programmable policies. Account logic stays on chain and public where it should be; balances and transfer amounts stay private where it matters. - [Private ERC-20](https://www.sodalabs.xyz/privacy-hub/int-private-erc20): Our own standard. Full 256-bit amounts stored as two ciphertexts, standard ERC-20 semantics, verifiable settlement on a public explorer. The world sees that a transaction happened… - [ERC-3643](https://www.sodalabs.xyz/privacy-hub/int-erc3643): The permissioned-token standard behind most institutional RWA issuance, maintained by the ERC-3643 Association. - [ERC-7943 (uRWA)](https://www.sodalabs.xyz/privacy-hub/int-erc7943): The universal RWA interface, integrated with Brickken. Issuers keep the compliance controls the standard defines and gain confidential balances for the assets themselves. - [ERC-7984](https://www.sodalabs.xyz/privacy-hub/int-erc7984): The confidential-token standard drafted with OpenZeppelin. A common interface for encrypted-amount tokens, so wallets and protocols integrate confidentiality once instead of per ve… - [x402](https://www.sodalabs.xyz/privacy-hub/int-x402): The agentic payment protocol. Machine-to-machine payments are exactly the flows nobody wants published, and Bubble gives x402 settlements confidential amounts by default. - [Gnosis Safe](https://www.sodalabs.xyz/privacy-hub/int-gnosis-safe): Treasury vaults with multi-signer policies. The Safe keeps its governance; Bubble keeps the treasury's balances and flows off the public record, which is usually the point of havin… - [Tokenization platforms](https://www.sodalabs.xyz/privacy-hub/int-tokenization): Issuance platforms integrate Bubble to keep subscriptions, redemptions and holder registers confidential. ### Privacy on different chains (26) - [Ethereum](https://www.sodalabs.xyz/privacy-hub/chain-ethereum): The base layer is transparent by design and will stay that way, so every privacy option here is opt in at the application layer. - [Polygon](https://www.sodalabs.xyz/privacy-hub/chain-polygon): Polygon PoS has no native privacy, but it has one of the deeper third-party ecosystems. - [Arbitrum](https://www.sodalabs.xyz/privacy-hub/chain-arbitrum): Arbitrum's 2026 roadmap sketches three confidentiality models, and its own FAQ confirms network-level confidential execution is not live yet, with the Arbitrum One variant subject… - [Base](https://www.sodalabs.xyz/privacy-hub/chain-base): Base is shipping Base Ledgers, a private settlement rail where balances stay off public explorers while funds settle on Base, currently in early access and operator run with its ow… - [COTI](https://www.sodalabs.xyz/privacy-hub/chain-coti): COTI's V2 mainnet has run a garbled-circuit confidential EVM since March 2025, the first on-chain implementation of the technique, built with Soda Labs. - [Starknet](https://www.sodalabs.xyz/privacy-hub/chain-starknet): Starknet is the clearest counterexample to the idea that ZK rollups are private by default. - [Solana](https://www.sodalabs.xyz/privacy-hub/chain-solana): Token-2022 confidential transfers are live on mainnet, using ElGamal encryption with an optional auditor key. - [Aptos](https://www.sodalabs.xyz/privacy-hub/chain-aptos): Aptos shipped its Confidential Asset framework and a confidential APT to mainnet in April 2026 after a near unanimous governance vote, built on twisted ElGamal encryption with gove… - [Sui](https://www.sodalabs.xyz/privacy-hub/chain-sui): Sui's Seal provides threshold encryption with on-chain access policies, and Nautilus adds confidential compute inside AWS Nitro enclaves, still on testnet. - [NEAR](https://www.sodalabs.xyz/privacy-hub/chain-near): Confidential Intents launched in February 2026, executing cross-chain swaps inside trusted execution environments so trade details stay hidden from observers. - [Avalanche](https://www.sodalabs.xyz/privacy-hub/chain-avalanche): Ava Labs publishes Encrypted ERC, a token standard combining zk-SNARKs with partially homomorphic encryption and client-side proving, usable on the C-Chain and on custom L1s. - [BNB Chain](https://www.sodalabs.xyz/privacy-hub/chain-bnb): Native privacy is planned rather than present. BNB Chain's 2026 technical roadmap targets testnet by the end of 2026 and mainnet in early 2027, with selective disclosure for transf… - [Cosmos Hub](https://www.sodalabs.xyz/privacy-hub/chain-cosmos): The Hub itself has no privacy, and the 2026 stack roadmap still lists it as research. - [Cardano](https://www.sodalabs.xyz/privacy-hub/chain-cardano): Cardano's privacy answer is Midnight, a separate partner chain that reached federated mainnet in March 2026 with a dual ledger, ZK proofs and selective disclosure. - [Polkadot](https://www.sodalabs.xyz/privacy-hub/chain-polkadot): Polkadot has no shielded transactions, and its privacy footprint is contracting rather than growing. - [Tron](https://www.sodalabs.xyz/privacy-hub/chain-tron): Shielded TRC-20 was specified back in 2020, using zk-SNARKs to hide addresses and amounts, and it never left the Nile testnet in any meaningful form. - [Bitcoin](https://www.sodalabs.xyz/privacy-hub/chain-bitcoin): Bitcoin has no confidential transactions. Privacy depends on coordination techniques such as CoinJoin, PayJoin and silent payments, and that layer took heavy legal damage: Samourai… - [TON](https://www.sodalabs.xyz/privacy-hub/chain-ton): TON has no shielded transactions. Catchain 2.0 sped up on-chain proof verification in April 2026, which enables future privacy work rather than delivering it. In practice the ecosy… - [Monad](https://www.sodalabs.xyz/privacy-hub/chain-monad): Monad launched in November 2025 as a transparent parallel EVM. - [Optimism](https://www.sodalabs.xyz/privacy-hub/chain-optimism): Privacy on the OP Stack arrived in April 2026 through Sunnyside Labs' Privacy Boost, a hybrid of ZK proofs and trusted execution offering confidential transfers and sanctions scree… - [zkSync Era](https://www.sodalabs.xyz/privacy-hub/chain-zksync): Public zkSync Era has no confidentiality. Its ZK proofs serve scaling, and the Atlas upgrade is about throughput. The privacy option is Prividium, a licensed permissioned L2 whose… - [Linea](https://www.sodalabs.xyz/privacy-hub/chain-linea): Linea's reputation for privacy is largely inherited from zkEVM branding and its Consensys enterprise heritage. - [Celo](https://www.sodalabs.xyz/privacy-hub/chain-celo): Celo became an OP Stack L2 in 2025, fully transparent at the base layer. - [Scroll](https://www.sodalabs.xyz/privacy-hub/chain-scroll): Scroll has no privacy features and no privacy roadmap, so confidentiality there means Ethereum's ordinary pseudonymity. - [Berachain](https://www.sodalabs.xyz/privacy-hub/chain-berachain): Berachain has no privacy features, no privacy partnerships and nothing privacy related on its 2026 roadmap. - [XDC Network](https://www.sodalabs.xyz/privacy-hub/chain-xdc): XDC Network is an EVM-compatible layer 1 built around trade finance and tokenized real-world assets, running delegated proof of stake with fast finality and near-zero fees. ### Privacy-enabled tokens (25) - [PayPal](https://www.sodalabs.xyz/privacy-hub/tok-paypal): PYUSD is the clearest example of privacy that exists on paper only. - [JPMorgan](https://www.sodalabs.xyz/privacy-hub/tok-jpmorgan): The deepest privacy research programme among the banks. Project EPIC is an explicit proof of concept in JPMorgan's Kinexys sandbox combining zero-knowledge proofs and fully homomor… - [HSBC](https://www.sodalabs.xyz/privacy-hub/tok-hsbc): HSBC is among the seventeen banks in SWIFT's shared ledger pilot for tokenized deposits, where privacy and data localisation are named as open challenges and zero-knowledge proofs… - [Ripple](https://www.sodalabs.xyz/privacy-hub/tok-ripple): Ripple Research published a Confidential MPT design in March 2026, using EC-ElGamal encrypted balances with zero-knowledge proofs to hide amounts while keeping sender, receiver and… - [Mastercard](https://www.sodalabs.xyz/privacy-hub/tok-mastercard): Mastercard's Multi-Token Network is a permissioned environment for tokenized deposits, and its Verifiable Intent work uses selective disclosure so each party sees only what it need… - [Uniswap](https://www.sodalabs.xyz/privacy-hub/tok-uniswap): Every swap, amount and liquidity position on Uniswap is public. - [Tokeny](https://www.sodalabs.xyz/privacy-hub/tok-tokeny): Tokeny created the permissioned token standard behind much of institutional RWA issuance, and its identity layer stores hashes rather than personal data. - [Backed Finance](https://www.sodalabs.xyz/privacy-hub/tok-backed): Backed mints its tokenized stocks on Solana with confidential balances initialized but switched off, the same pattern as PYUSD. - [Anchorage Digital](https://www.sodalabs.xyz/privacy-hub/tok-anchorage): Anchorage's researchers publish on zero-knowledge techniques, and its venture arm explicitly asks founders for systems that prove KYC or reserve adequacy without exposing metadata. - [Ethena](https://www.sodalabs.xyz/privacy-hub/tok-ethena): USDe is a plain ERC-20 with fully transparent balances and no public confidentiality work. - [Agora](https://www.sodalabs.xyz/privacy-hub/tok-agora): Agora issues institutional digital dollars across several chains with no privacy features, no confidential transfer extension and no public statements on the topic. - [First Digital](https://www.sodalabs.xyz/privacy-hub/tok-firstdigital): FDUSD moves significant volume with nothing public on transaction privacy. - [BlackRock](https://www.sodalabs.xyz/privacy-hub/tok-blackrock): BUIDL is the most cited example of the transparency problem in tokenized funds. - [Fidelity](https://www.sodalabs.xyz/privacy-hub/tok-fidelity): Fidelity's tokenized treasury fund launched on public Ethereum in 2025 with balances visible on chain, and no privacy technology, partnership or public statement has followed. - [WisdomTree](https://www.sodalabs.xyz/privacy-hub/tok-wisdomtree): WisdomTree's tokenized funds allow peer to peer transfers between onboarded wallets while the transfer agent holds the official register. - [Hamilton Lane](https://www.sodalabs.xyz/privacy-hub/tok-hamiltonlane): Hamilton Lane's tokenized credit funds run across several public chains, and recent work has increased visibility rather than reduced it, extending composability and multichain rea… - [Apollo](https://www.sodalabs.xyz/privacy-hub/tok-apollo): Apollo's tokenized private credit fund trades on public infrastructure with no privacy feature or public statement on confidentiality, so allocations and movements are observable b… - [Securitize](https://www.sodalabs.xyz/privacy-hub/tok-securitize): The largest tokenization platform solves confidentiality by keeping the holder register off chain at the transfer agent while on-chain tokens use permissioned allowlists. - [Aave](https://www.sodalabs.xyz/privacy-hub/tok-aave): Balances, health factors and liquidation thresholds are public on Aave, which is precisely the data that gets positions hunted. - [Curve](https://www.sodalabs.xyz/privacy-hub/tok-curve): No privacy product, research track or governance proposal on confidential swaps. - [Lido](https://www.sodalabs.xyz/privacy-hub/tok-lido): Stake sizes, rewards and vault activity are all public, and Lido's 2026 work centres on modularity and vaults rather than confidentiality. - [Centrifuge](https://www.sodalabs.xyz/privacy-hub/tok-centrifuge): Centrifuge's privacy language refers to the off-chain exchange of loan documents on its older chain rather than transaction confidentiality. - [Superstate](https://www.sodalabs.xyz/privacy-hub/tok-superstate): Superstate keeps its share register off chain and markets real-time shareholder visibility to issuers, which is the opposite of holder confidentiality. - [Swarm Markets](https://www.sodalabs.xyz/privacy-hub/tok-swarm): Swarm's private offers gate who can see an order rather than encrypting anything, so settlement, amounts and addresses remain public on chain with KYC applied at the perimeter. - [Brickken](https://www.sodalabs.xyz/privacy-hub/tok-brickken): Brickken's material covers onboarding, dividend distribution and information security rather than on-chain confidentiality. ## Regulation map (107 entries) ### Global (18) - [The travel rule binds institutions, not ledgers](https://www.sodalabs.xyz/privacy-hub/regulation/why-travel-rule): The most common objection to confidential transfers is that the travel rule forbids them. - [Erasure against an append-only ledger](https://www.sodalabs.xyz/privacy-hub/regulation/why-erasure): This is the collision that does not dissolve on closer reading. - [Selective disclosure as a compliance primitive](https://www.sodalabs.xyz/privacy-hub/regulation/why-viewing-keys): Supervisory access, external audit and suspicious activity reporting are all bilateral disclosures to a named party under a legal duty. - [Proving where funds did not come from](https://www.sodalabs.xyz/privacy-hub/regulation/why-privacy-pools): The 2023 Privacy Pools paper made a design argument that has held up: instead of hiding everything, let a depositor prove in zero knowledge that their withdrawal belongs to a chose… - [Central banks are building confidentiality themselves](https://www.sodalabs.xyz/privacy-hub/regulation/why-central-banks-build-privacy): The strongest evidence that public authorities do not equate confidentiality with wrongdoing is that they keep building it. - [Why regulated institutions cannot use a transparent ledger](https://www.sodalabs.xyz/privacy-hub/regulation/why-institutions-need-it): The compliance debate usually asks whether institutions are permitted to use confidentiality. - [Sanctions screening on a confidential ledger](https://www.sodalabs.xyz/privacy-hub/regulation/why-sanctions-screening): Worth stating plainly rather than glossing: this is the weakest part of the case for confidential ledgers. - [Anonymity is not the same thing as confidentiality](https://www.sodalabs.xyz/privacy-hub/regulation/why-programmable-confidentiality): Regulators keep drawing a line that the debate tends to flatten. - [FATF](https://www.sodalabs.xyz/privacy-hub/regulation/reg-fatf) [Attribution required]: Nothing else in this section has as much reach. FATF sets standards rather than law, but the mutual evaluation process and the grey list make adoption close to compulsory, which is… - [OECD CARF](https://www.sodalabs.xyz/privacy-hub/regulation/reg-oecd-carf) [Attribution required]: The quiet instrument that will do the most to end pseudonymity at the intermediary layer, and it arrives before the AML rules do. - [Basel Committee, SCO60](https://www.sodalabs.xyz/privacy-hub/regulation/reg-basel-sco60) [Attribution required]: The single most privacy-restrictive sentence in global financial regulation is probably here. - [Financial Stability Board](https://www.sodalabs.xyz/privacy-hub/regulation/reg-fsb) [Confidential with disclosure]: Included here mainly to correct a common misattribution. The FSB coordinates national authorities on financial stability, and its 2023 framework is frequently cited in arguments ab… - [IOSCO](https://www.sodalabs.xyz/privacy-hub/regulation/reg-iosco) [Confidential with disclosure]: IOSCO pulls in both directions, which makes it more interesting than most. - [BIS Innovation Hub](https://www.sodalabs.xyz/privacy-hub/regulation/reg-bis-innovation-hub) [Builds with privacy tech]: If you want evidence that the institutions writing the rules do not equate confidentiality with crime, this is where to look. - [Convention 108+](https://www.sodalabs.xyz/privacy-hub/regulation/reg-convention-108) [Builds with privacy tech]: The counterweight instrument, and the one that has not arrived. - [Egmont Group](https://www.sodalabs.xyz/privacy-hub/regulation/reg-egmont) [Attribution required]: Rarely discussed in privacy debates about crypto, and structurally one of the more significant bodies in this section. - [ISO and IEC standards](https://www.sodalabs.xyz/privacy-hub/regulation/reg-iso) [Builds with privacy tech]: Set this against the financial standard-setters and the contrast is sharp. - [NIST](https://www.sodalabs.xyz/privacy-hub/regulation/reg-nist) [Builds with privacy tech]: A national agency rather than a global one, included because its output gets adopted internationally as reference material and because it does something no financial regulator has. ### Europe (34) - [MiCA](https://www.sodalabs.xyz/privacy-hub/regulation/reg-mica) [Confidential with disclosure]: MiCA carries exactly one operative anonymity rule, and it is narrower than its reputation. - [EU Transfer of Funds Regulation](https://www.sodalabs.xyz/privacy-hub/regulation/reg-eu-travel-rule) [Attribution required]: This, not the privacy-coin headline, is what actually ends unattributed transfers at the EU perimeter. - [EU AMLR Article 79](https://www.sodalabs.xyz/privacy-hub/regulation/reg-eu-amlr) [Attribution required]: Reported almost everywhere as an EU ban on privacy coins from 1 July 2027. - [GDPR](https://www.sodalabs.xyz/privacy-hub/regulation/reg-gdpr) [Builds with privacy tech]: The law most often described as a problem for blockchain is also the strongest European argument for building with privacy technology. - [EDPB blockchain guidelines](https://www.sodalabs.xyz/privacy-hub/regulation/reg-edpb-blockchain) [Confidential with disclosure]: The reference text on how European data protection law lands on a ledger, final since 7 July 2026. - [Digital euro](https://www.sodalabs.xyz/privacy-hub/regulation/reg-digital-euro) [Builds with privacy tech]: A central bank designing confidentiality into money on purpose is the most direct evidence that European regulators do not equate privacy with illegality. - [eIDAS 2 and the EU Digital Identity Wallet](https://www.sodalabs.xyz/privacy-hub/regulation/reg-eidas2) [Builds with privacy tech]: The clearest counterexample to the idea that regulators are uniformly against cryptographic privacy: here EU law names the technology and requires it. - [CJEU on identifiability](https://www.sodalabs.xyz/privacy-hub/regulation/reg-cjeu-identifiability) [Confidential with disclosure]: Whether a blockchain address is personal data is not a settled question, and the two European institutions answering it are drifting apart. - [EU Data Act, Article 36](https://www.sodalabs.xyz/privacy-hub/regulation/reg-eu-data-act) [Confidential with disclosure]: A useful case of a rule written for one context landing awkwardly on another. - [United Kingdom](https://www.sodalabs.xyz/privacy-hub/regulation/jur-united-kingdom) [Confidential with disclosure]: The UK has built a full regulatory perimeter without reaching for a single prohibition on privacy technology. - [Switzerland](https://www.sodalabs.xyz/privacy-hub/regulation/jur-switzerland) [Attribution required]: A useful corrective to the assumption that a crypto-friendly jurisdiction is permissive about anonymity. - [Turkey](https://www.sodalabs.xyz/privacy-hub/regulation/jur-turkey) [Attribution required]: Turkey reaches the same destination as an anonymity ban without ever writing one. - [Norway](https://www.sodalabs.xyz/privacy-hub/regulation/jur-norway) [Confidential with disclosure]: Norway took the EU rulebook through the EEA route and enforced it promptly, closing its transition window in July 2026 with providers told to wind down. - [Ukraine](https://www.sodalabs.xyz/privacy-hub/regulation/jur-ukraine) [Regime still forming]: An unusual case: the virtual assets law passed in February 2022 is recorded in the official register as never having entered into force. - [Georgia](https://www.sodalabs.xyz/privacy-hub/regulation/jur-georgia) [Attribution required]: Across every jurisdiction surveyed for this section, institutional privacy oversight was either strengthening or holding steady. - [Russia](https://www.sodalabs.xyz/privacy-hub/regulation/jur-russia) [Attribution required]: Russia has the most direct on-chain deanonymisation mandate found anywhere in this section. - [France](https://www.sodalabs.xyz/privacy-hub/regulation/jur-france) [Confidential with disclosure]: France pulls harder in both directions than any other member state. - [Germany](https://www.sodalabs.xyz/privacy-hub/regulation/jur-germany) [Confidential with disclosure]: Germany's divergence runs in two directions and neither is about coins. - [Liechtenstein](https://www.sodalabs.xyz/privacy-hub/regulation/jur-liechtenstein) [Confidential with disclosure]: Liechtenstein made a structural choice worth understanding: rather than requiring every participant to identify counterparties, it turned identification into its own licensed role. - [Iceland](https://www.sodalabs.xyz/privacy-hub/regulation/jur-iceland) [Confidential with disclosure]: Iceland is worth a card mainly for what it reveals about the EEA route into EU financial law. - [Netherlands](https://www.sodalabs.xyz/privacy-hub/regulation/jur-netherlands) [Confidential with disclosure]: The Netherlands ran the most aggressive self-hosted wallet identification demand in Europe and then gave it up, which makes it the most instructive European case in this section. - [Poland](https://www.sodalabs.xyz/privacy-hub/regulation/jur-poland) [Regime still forming]: Poland is the exception that shows how the EU framework behaves when a member state cannot implement it. - [Ireland](https://www.sodalabs.xyz/privacy-hub/regulation/jur-ireland) [Builds with privacy tech]: Ireland adds nothing of its own to the EU rules on crypto confidentiality, and that is worth saying plainly rather than inventing local colour. - [Spain](https://www.sodalabs.xyz/privacy-hub/regulation/jur-spain) [Confidential with disclosure]: Spain's national contribution sits on the marketing side rather than the confidentiality side, and it got there first. - [Italy](https://www.sodalabs.xyz/privacy-hub/regulation/jur-italy) [Confidential with disclosure]: Italy's national addition was a reporting channel rather than a prohibition, and it went further than the European baseline in an unusual direction. - [Portugal](https://www.sodalabs.xyz/privacy-hub/regulation/jur-portugal) [Confidential with disclosure]: Portugal's distinctive contribution came from its data protection authority rather than its financial regulators, and it addresses a question the financial rules do not reach. - [Estonia](https://www.sodalabs.xyz/privacy-hub/regulation/jur-estonia) [Confidential with disclosure]: Estonia mattered to this market out of proportion to its size, because for a few years it issued more crypto authorisations than anywhere else in Europe. - [Lithuania](https://www.sodalabs.xyz/privacy-hub/regulation/jur-lithuania) [Confidential with disclosure]: Lithuania took the same route as Estonia and reached a similar destination by a different instrument. - [Belgium](https://www.sodalabs.xyz/privacy-hub/regulation/jur-belgium) [Confidential with disclosure]: Belgium adds no national layer on confidentiality, and that is worth stating plainly rather than manufacturing local colour. - [Austria](https://www.sodalabs.xyz/privacy-hub/regulation/jur-austria) [Confidential with disclosure]: Austria's only real distinguishing feature in this area is timing. - [Luxembourg](https://www.sodalabs.xyz/privacy-hub/regulation/jur-luxembourg) [Confidential with disclosure]: Luxembourg carries weight here because of what is domiciled in it rather than because of any national rule on confidentiality. - [Sweden](https://www.sodalabs.xyz/privacy-hub/regulation/jur-sweden) [Confidential with disclosure]: Sweden has a reputation for hostility to crypto that is worth separating into its parts. - [Denmark](https://www.sodalabs.xyz/privacy-hub/regulation/jur-denmark) [Confidential with disclosure]: Denmark is a useful reminder that the financial supervisor is not always the body that matters most for privacy. - [Czechia](https://www.sodalabs.xyz/privacy-hub/regulation/jur-czechia) [Confidential with disclosure]: Czechia is one of the member states that put crypto supervision inside the central bank rather than with a separate markets authority, which matters more for how firms experience t… ### Americas (19) - [GENIUS Act](https://www.sodalabs.xyz/privacy-hub/regulation/reg-genius-act) [Attribution required]: The most restrictive thing in current US law on this subject, and it is architectural rather than procedural. - [OFAC and Van Loon](https://www.sodalabs.xyz/privacy-hub/regulation/reg-ofac) [Confidential with disclosure]: The most severe action ever taken by a government against privacy tooling, followed by the most significant legal retreat from one. - [FinCEN](https://www.sodalabs.xyz/privacy-hub/regulation/reg-fincen) [Attribution required]: Registration, identity verification and suspicious activity reporting for anyone acting as a money transmitter in crypto all originate here, and none of that has loosened. - [NYDFS](https://www.sodalabs.xyz/privacy-hub/regulation/reg-nydfs) [Attribution required]: Where federal policy has softened around non-custodial software, New York has not moved at all. - [IRS broker reporting](https://www.sodalabs.xyz/privacy-hub/regulation/reg-irs-broker-reporting) [Attribution required]: The clearest illustration of the US perimeter split. Custodial reporting arrived exactly as planned and is now in its first year of cost-basis reporting, which means identity, proc… - [US Treasury and the Working Group](https://www.sodalabs.xyz/privacy-hub/regulation/reg-us-treasury-pwg) [Builds with privacy tech]: The most significant shift in this section, and the one most easily overstated. - [The third-party doctrine](https://www.sodalabs.xyz/privacy-hub/regulation/reg-third-party-doctrine) [Attribution required]: Any account of US financial privacy that stops at statutes misses the layer that actually decides things. - [United States](https://www.sodalabs.xyz/privacy-hub/regulation/jur-united-states) [Confidential with disclosure]: The US moved in both directions at once between 2024 and 2026, and the dividing line is custody rather than politics. - [Canada](https://www.sodalabs.xyz/privacy-hub/regulation/jur-canada) [Confidential with disclosure]: Canada is the clearest case in this section of an outcome that looks like a ban and is not one. - [Brazil](https://www.sodalabs.xyz/privacy-hub/regulation/jur-brazil) [Attribution required]: Brazil holds the two halves of this section's argument in one place. - [Mexico](https://www.sodalabs.xyz/privacy-hub/regulation/jur-mexico) [Attribution required]: Mexico states the reasoning that most regulators leave implicit. - [Argentina](https://www.sodalabs.xyz/privacy-hub/regulation/jur-argentina) [Confidential with disclosure]: Argentina drew its perimeter in the place this section keeps arguing is the right one. - [Bahamas](https://www.sodalabs.xyz/privacy-hub/regulation/jur-bahamas) [Attribution required]: The Bahamas holds the sharpest contradiction in this section, and both halves are deliberate. - [Bermuda](https://www.sodalabs.xyz/privacy-hub/regulation/jur-bermuda) [Attribution required]: Bermuda restricts no asset by name and still runs the most comprehensive transaction surveillance requirement found in the Americas. - [Cayman Islands](https://www.sodalabs.xyz/privacy-hub/regulation/jur-cayman-islands) [Confidential with disclosure]: Cayman matters because so many funds and token issuers are structured through it, and the finding is a set of absences rather than rules. - [British Virgin Islands](https://www.sodalabs.xyz/privacy-hub/regulation/jur-british-virgin-islands) [Confidential with disclosure]: The British Virgin Islands is a useful illustration that confidentiality is not one thing. - [Wyoming](https://www.sodalabs.xyz/privacy-hub/regulation/jur-wyoming) [Builds with privacy tech]: Wyoming is the clearest example in the United States of a legislature building around self-custody rather than treating it as a gap. - [California](https://www.sodalabs.xyz/privacy-hub/regulation/jur-california) [Confidential with disclosure]: California is the counterweight to Wyoming within the same country, and the contrast is instructive because neither state legislates about anonymity at all. - [Texas](https://www.sodalabs.xyz/privacy-hub/regulation/jur-texas) [Builds with privacy tech]: Texas belongs in this section for what it does not do. Non-stablecoin cryptocurrency does not require a money transmitter licence there, which leaves a large share of activity outs… ### Asia-Pacific (18) - [Monetary Authority of Singapore](https://www.sodalabs.xyz/privacy-hub/regulation/reg-mas) [Confidential with disclosure]: Worth reading closely because it is the road not taken elsewhere. - [Hong Kong SFC](https://www.sodalabs.xyz/privacy-hub/regulation/reg-hk-sfc) [Confidential with disclosure]: A useful case study in how a market gets closed without a rule that mentions the thing being closed out. - [Japan FSA and JVCEA](https://www.sodalabs.xyz/privacy-hub/regulation/reg-japan-fsa) [Attribution required]: Japan is the clearest example of a rule written against untraceability rather than against named assets, and of that rule being applied by an industry body rather than a regulator. - [APG](https://www.sodalabs.xyz/privacy-hub/regulation/reg-apg) [Attribution required]: Standards do not travel by themselves, and this is the machinery that moves them across Asia. - [Australia](https://www.sodalabs.xyz/privacy-hub/regulation/jur-australia) [Confidential with disclosure]: Australia constrains confidentiality through anti-money-laundering law and not through any coin-specific rule. - [Thailand](https://www.sodalabs.xyz/privacy-hub/regulation/jur-thailand) [Attribution required]: Thailand is the jurisdiction most often cited as having banned privacy coins, and the claim does not survive reading the instrument. - [India](https://www.sodalabs.xyz/privacy-hub/regulation/jur-india) [Attribution required]: India has no bespoke crypto statute and regulates the sector through anti-money-laundering law and tax instead. - [Singapore](https://www.sodalabs.xyz/privacy-hub/regulation/jur-singapore) [Confidential with disclosure]: The one jurisdiction in this section that declined to exclude anonymity-enhancing assets and chose to price the risk instead. - [Hong Kong SAR](https://www.sodalabs.xyz/privacy-hub/regulation/jur-hong-kong) [Confidential with disclosure]: A good illustration of exclusion happening without a rule that mentions the thing being excluded. - [Taiwan](https://www.sodalabs.xyz/privacy-hub/regulation/jur-taiwan) [Regime still forming]: Two things commonly reported about Taiwan are wrong. The VASP Act is not pending; it passed its third reading on 30 June 2026, though commencement still has to be designated and li… - [South Korea](https://www.sodalabs.xyz/privacy-hub/regulation/jur-south-korea) [Attribution required]: The most identity-maximalist regime covered here, and the only one actively trying to export it. - [Japan](https://www.sodalabs.xyz/privacy-hub/regulation/jur-japan) [Attribution required]: Japan shows the pattern in this section at its clearest: the rule is written against untraceability, never against named assets. - [China](https://www.sodalabs.xyz/privacy-hub/regulation/jur-china) [Attribution required]: Two things are true here at once, and most coverage reports only the first. - [Kazakhstan](https://www.sodalabs.xyz/privacy-hub/regulation/jur-kazakhstan) [Confidential with disclosure]: Worth correcting a claim that circulates about Kazakhstan: the law does not establish a state system watching digital asset transactions. - [Malaysia](https://www.sodalabs.xyz/privacy-hub/regulation/jur-malaysia) [Attribution required]: The most explicit categorical ban in the Asia-Pacific set, and notable for how it is drafted. - [Philippines](https://www.sodalabs.xyz/privacy-hub/regulation/jur-philippines) [Confidential with disclosure]: Read in full, the circular contains no provision on privacy coins, mixers or tumblers, and no express treatment of self-hosted wallets. - [Bangladesh](https://www.sodalabs.xyz/privacy-hub/regulation/jur-bangladesh) [Attribution required]: Bangladesh is a useful reminder that a country does not need a crypto statute to prohibit crypto. - [Sri Lanka](https://www.sodalabs.xyz/privacy-hub/regulation/jur-sri-lanka) [Regime still forming]: Sri Lanka occupies the position a lot of countries were in five years ago and few still are: crypto is neither licensed nor forbidden. ### Middle East & Africa (18) - [VARA](https://www.sodalabs.xyz/privacy-hub/regulation/reg-vara) [Attribution required]: Most regimes reach anonymity-enhanced assets sideways, through listing criteria, liquidity gates or traceability tests. - [DFSA and ADGM FSRA](https://www.sodalabs.xyz/privacy-hub/regulation/reg-uae-free-zones) [Attribution required]: The two financial free zones inside the UAE regulate separately from Dubai's virtual assets authority, and they went a step further than it did. - [MENAFATF](https://www.sodalabs.xyz/privacy-hub/regulation/reg-menafatf) [Attribution required]: The regional counterpart to the Asian body, and the reason the Gulf entries in this section rhyme with one another. - [Israel](https://www.sodalabs.xyz/privacy-hub/regulation/jur-israel) [Confidential with disclosure]: Israel splits cleanly along the axis this whole section turns on. - [United Arab Emirates](https://www.sodalabs.xyz/privacy-hub/regulation/jur-uae) [Attribution required]: If you want the counterexample to the pattern running through this section, it is here. - [Kenya](https://www.sodalabs.xyz/privacy-hub/regulation/jur-kenya) [Attribution required]: Most prohibitions in this section live in rulebooks that a regulator can amend without going back to a legislature. - [Ghana](https://www.sodalabs.xyz/privacy-hub/regulation/jur-ghana) [Confidential with disclosure]: Worth citing well beyond Ghana, because a central bank stated plainly in writing what most regimes leave to inference. - [South Africa](https://www.sodalabs.xyz/privacy-hub/regulation/jur-south-africa) [Attribution required]: The most precisely drafted travel rule in this section, and the one that leaves least room. - [Bahrain](https://www.sodalabs.xyz/privacy-hub/regulation/jur-bahrain) [Attribution required]: Bahrain never names a coin, and its rule is broader for it. Licensees may not list assets that facilitate, or may facilitate, obfuscation or concealment of a client or counterparty… - [Qatar](https://www.sodalabs.xyz/privacy-hub/regulation/jur-qatar) [Attribution required]: Qatar reaches exclusion without ever writing a prohibition on anonymity, because its perimeter is drawn as a positive list. - [Nigeria](https://www.sodalabs.xyz/privacy-hub/regulation/jur-nigeria) [Confidential with disclosure]: Nigeria took the securities route rather than building a bespoke crypto statute, bringing digital assets under the securities regulator through the 2025 Act while the 2022 rules co… - [Seychelles](https://www.sodalabs.xyz/privacy-hub/regulation/jur-seychelles) [Confidential with disclosure]: Seychelles matters here because of how many crypto entities are domiciled in it rather than because of anything it says about confidentiality, and it says nothing. - [Oman](https://www.sodalabs.xyz/privacy-hub/regulation/jur-oman) [Attribution required]: Most rules in this section reach assets, and a few reach tools. - [Rwanda](https://www.sodalabs.xyz/privacy-hub/regulation/jur-rwanda) [Confidential with disclosure]: Rwanda uses a technique worth understanding because it is different from a ban. - [Mauritius](https://www.sodalabs.xyz/privacy-hub/regulation/jur-mauritius) [Confidential with disclosure]: Mauritius matters here out of proportion to its size, because a great many crypto entities are domiciled in it. - [Kuwait](https://www.sodalabs.xyz/privacy-hub/regulation/jur-kuwait) [Attribution required]: Kuwait is worth including precisely because its regulators said the quiet part out loud. - [Egypt](https://www.sodalabs.xyz/privacy-hub/regulation/jur-egypt) [Attribution required]: Egypt inverts the usual shape of an entry in this section. There is no crypto privacy regime to describe because there is no lawful crypto activity: the banking law requires centra… - [Morocco](https://www.sodalabs.xyz/privacy-hub/regulation/jur-morocco) [Regime still forming]: Morocco is moving from prohibition toward a framework, and the direction is genuinely liberalising after years in which crypto activity sat outside the exchange control rules.