Austria

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 Austria actually says

Austria's only real distinguishing feature in this area is timing. It was among the member states that chose a short grandfathering window, closing the door on national-regime operators near the end of 2025 rather than running to the outer limit the following July. On the substance of confidentiality it adds nothing: the FMA authorises and supervises, and the operative rules are the European ones. We located no Austrian provision on anonymity-enhancing assets or transfers to self-hosted wallets. Firms that missed the earlier deadline had to be authorised or stop, which made Austria one of the tighter places to be caught mid-transition.

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.