Thailand

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

What Thailand actually says

Thailand is the jurisdiction most often cited as having banned privacy coins, and the claim does not survive reading the instrument. Notification No. Kor Thor. 18/2564 prohibits four categories (meme tokens, fan tokens, NFTs and exchange-issued tokens) and stops there. Anonymity is never mentioned. The exclusion is real but it works through market architecture instead: exchanges may list only what the SEC has approved, the approved list is short, and anonymity-enhancing assets simply never reach it. Combined with the ban on using digital assets for payment since April 2022 and the 2025 extension of the perimeter to offshore operators targeting Thai users, the practical result is closed access rather than illegal holding. The distinction matters, and almost every secondary source erases it.

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.