Financial Stability Board

Confidentiality is workable so long as the regulated firm can identify parties and disclose on demand.

What Financial Stability Board actually says

Included here mainly to correct a common misattribution. The FSB coordinates national authorities on financial stability, and its 2023 framework is frequently cited in arguments about on-chain surveillance, but it expressly scopes both AML/CFT and data privacy out of its coverage, and its own peer review confirms that anti-money-laundering work sits outside its mandate. What it does ask for is authority access to data from issuers and providers as necessary and appropriate, and cross-border information sharing, with the qualification that data systems must conform to applicable data-retention, security and privacy regulation. Its October 2025 review does treat secrecy and data privacy laws as barriers to cooperation. Traceability rules come from FATF, not from here.

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.