India

A regulated firm must be able to attribute activity to an identified person, and assets or accounts that make that impossible are barred at the licensed perimeter. This is a rule about attribution, not about whether amounts are public.

What India actually says

India has no bespoke crypto statute and regulates the sector through anti-money-laundering law and tax instead. Providers became reporting entities under the PMLA in March 2023, and FIU-IND has enforced that perimeter hard against offshore exchanges, issuing show-cause notices to nine of them in December 2023 and following with penalties and URL blocking. We found no Indian instrument restricting privacy coins, so the pressure on confidentiality is indirect: a 1% withholding on transfers creates a transaction-level trail as a matter of tax design, and the 30% flat rate pushes activity onto fully identified venues. The retail e-rupee pilot is the counterweight, its stated design leaving small-value transactions untraced once issued to a wallet, with disclosure expected on larger sums.

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.