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 Russia actually says
Russia has the most direct on-chain deanonymisation mandate found anywhere in this section. Miners must report the address identifier itself, mining pool included, to the tax authority, which passes it to the financial intelligence body and the central bank without any suspicion trigger. That is wallet-address disclosure written into statute rather than inferred from analytics. The digital rouble points the same way. Accounts sit not at a bank but on the central bank's own platform, with banks acting as front ends, so the issuer is positioned to see every transaction. The central bank's promise is precise and worth reading closely: the data carries the same bank secrecy as an ordinary account and will not exceed what cashless payments already reveal. That is confidentiality from third parties, not from the state.
The instruments that matter
- Law 259-FZ of 31 July 2020
- on digital financial assets and digital currency; only Russian legal entities entered in the Bank of Russia register may operate the information systems in which such assets are issued
- Article 14.2, the mining register
- miners must report to the tax authority the digital currency received and the address identifier, expressly including the mining pool address
- Onward disclosure by operation of law
- the tax authority then provides that information to the financial intelligence body and to the Bank of Russia, without any further trigger
- Law 223-FZ of 8 August 2024, in force 1 September 2024
- creates the experimental legal regime under which digital currency may be used for settlement in foreign trade contracts
- Digital rouble mass rollout from 1 September 2026
- extending to universal-licence banks and mid-sized merchants in September 2027 and to everyone else in September 2028
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.
Related entries
- GeorgiaEurope · The one place where privacy oversight went backwards
- SwitzerlandEurope · Crypto-friendly and strict on anonymity at once
- TurkeyEurope · Caps, delays and a compelled purpose description
- AustriaEurope · EU baseline, with an early transition close
- BelgiumEurope · EU baseline, with no national layer on confidentiality
- CzechiaEurope · EU baseline, supervised by the central bank
Compliant by default.
See how selective disclosure satisfies a supervisor without publishing your book to the world.