Norway

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

What Norway actually says

Norway took the EU rulebook through the EEA route and enforced it promptly, closing its transition window in July 2026 with providers told to wind down. That means the zero-threshold travel rule applies here as it does inside the union. The counterweight is unusual and worth knowing about: the Norwegian data protection authority has run a regulatory sandbox for privacy-enhancing innovation since 2020, and in 2024 ran a joint track with the financial supervisor. Few jurisdictions have both regulators in the same room on this question. Norges Bank concluded that a central bank digital currency is not currently warranted and closed its exploration phase in March 2026, so no retail privacy design question arises.

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.