British Virgin Islands

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 British Virgin Islands actually says

The British Virgin Islands is a useful illustration that confidentiality is not one thing. At the level of corporate structure it deliberately preserves it: beneficial ownership information is filed with the regulator but not publicly disclosed, which is a policy choice other jurisdictions have abandoned under pressure. At the level of transactions it does the opposite, applying a travel rule from a thousand dollars and extending automatic exchange of information to crypto businesses. We located no position either way on anonymity-enhancing assets. So the entity behind a structure can stay out of public view while its transfers are reported, which is close to the inverse of how a public blockchain behaves.

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.