Ghana

Confidentiality is workable so long as the regulated firm can identify parties and disclose on demand.

What Ghana actually says

Worth citing well beyond Ghana, because a central bank stated plainly in writing what most regimes leave to inference. Its FAQ says that neither the regulatory authorities nor the government will control private wallets or individual transactions, and that the law regulates service providers rather than personal ownership of digital assets. That is the custodial-perimeter principle running through this entire section, expressed by a regulator rather than argued by an industry. Ghana moved from prohibition to licensing inside a year, splitting supervision between the central bank and the securities regulator by activity. The cedi remains sole legal tender, and pricing or paying wages in virtual assets is not permitted.

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.