Confidentiality is workable so long as the regulated firm can identify the parties and disclose on demand. Encrypted amounts are not the thing being restricted.
What Argentina actually says
Argentina drew its perimeter in the place this section keeps arguing is the right one. Providers of self-custody wallets are exempt from the registration regime by the resolution's opening article, which is the most explicit carve-out for non-custodial software we found anywhere in the Americas. What the rules do restrict is the service rather than the asset: registered providers must not offer mechanisms designed to hinder identification of where a transaction came from and where it went. No coin is named. Read together, the two provisions describe a coherent position: the regulator claims authority over intermediaries that obscure flows, and disclaims it over software that merely lets people hold their own keys.
The instruments that matter
- CNV General Resolution 1058/2025
- published in the Official Bulletin on 14 March 2025 and in force 45 days later, creating the registry and conduct rules for virtual asset service providers
- Article 1 exempts self-custody providers
- those providing services exclusively as suppliers of self-custody wallets are outside the registration regime altogether
- Article 24 bars obfuscation mechanisms
- providers must abstain from offering mechanisms designed to hinder identification of the origin and destination of transactions, which reaches mixing services at the service level rather than any named asset
- Client asset segregation
- Article 16 requires proprietary and client assets to be separated across operational accounts and on-chain wallets and recorded clearly and individually
What this means for confidential transactions
Bubble is built for exactly this shape of obligation: amounts and balances live on chain as ciphertexts, computation happens without decryption, and the only disclosure path is an on-chain access list through which an authorized party - an auditor, a supervisor, a counterparty - can request scoped decryption. That is confidentiality from the public, not from the regulator.
Related entries
- British Virgin IslandsAmericas · Structural confidentiality kept, transactional confidentiality not
- CaliforniaAmericas · A licensing regime that arrived in July 2026
- CanadaAmericas · Delistings without a rule that names the assets
- Cayman IslandsAmericas · A mature regime that never addresses confidentiality
- GermanyEurope · A national custody licence, and secrecy for tokenised securities
- United StatesAmericas · Split by perimeter, not by ideology
Compliant by default.
See how selective disclosure satisfies a supervisor without publishing your book to the world.