South Korea

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 South Korea actually says

The most identity-maximalist regime covered here, and the only one actively trying to export it. Untraceable assets have been barred from Korean platforms since 2021, layered on top of a real-name bank account requirement that makes the won on-ramp a chokepoint. The August 2026 amendments go further than anything else in this section: the travel rule threshold is abolished outright so it applies to transfers of any size, and transfers to personal wallets are permitted only where the destination is low-risk or the two ends are confirmed to be the same person, with outright prohibition where the counterparty is high-risk. Accommodation exists but sits entirely on the institutional access axis (corporate accounts, tokenised securities) and not on confidentiality.

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.