Switzerland

Anonymity-enhancing assets or unattributed transfers are barred outright, or barred for regulated firms.

What Switzerland actually says

A useful corrective to the assumption that a crypto-friendly jurisdiction is permissive about anonymity. The two are unrelated, and Switzerland proves it. Nothing in Swiss law bans privacy coins, and the regulator treats anonymity as a risk factor rather than a prohibited property. But since 2019 supervised institutions have only been able to move tokens to an external wallet where that wallet belongs to their own identity-verified customer, with ownership demonstrated by technical proof. There is no minimum value and no carve-out for unregulated wallets, which makes it stricter than both the FATF standard and the EU rule that followed. The practical effect is that regulated Swiss venues are closed to anonymous self-custody, by supervisory practice rather than statute.

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.