Soda Labs

Oman

The only rule found that names privacy wallets

JurisdictionMiddle East & AfricaAttribution required

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 Oman actually says

Most rules in this section reach assets, and a few reach tools. Oman's drafting reaches further than any other we found. The registration decision already bars virtual assets that conceal the identity of the originator or the nature of the transaction, which is broad on its own. The consultation framework then extends the intent to tumblers, mixers and, unusually, privacy-enhanced wallets, and targets concealment of the holder and beneficial owner rather than only the counterparties to a transfer. That last move matters: a rule aimed at who owns an asset catches designs that a transfer-focused rule would miss. We could not confirm whether the wider framework has been finalised, so treat the registration decision as the operative instrument.

The instruments that matter

FSA Decision No. E/35/2023
providers must register and meet enhanced anti-money-laundering requirements, and the decision includes the prohibition of virtual assets that conceal the identity of the originator or the nature of the transaction
The draft framework goes further
the Virtual Assets Regulatory Framework consultation, opened 30 July 2023, states an intention to strictly prohibit the issuance of privacy coins, defined as assets allowing reduced transparency and increased obfuscation of financial flows
It reaches tools and holders, not just transfers
the consultation would outlaw tumblers, mixers, privacy-enhanced wallets and other technologies that obscure the identity of the sender, recipient, holder or beneficial owner
Status of the fuller framework unconfirmed
the registration duty is in force; whether the wider framework has been finalised we could not verify

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.

Compliant by default.

See how selective disclosure satisfies a supervisor without publishing your book to the world.