MiCA

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

What MiCA actually says

MiCA carries exactly one operative anonymity rule, and it is narrower than its reputation. Article 76(3) requires a trading platform's operating rules to prevent admission of crypto-assets with an inbuilt anonymisation function, unless the platform can identify the holders and their transaction history. It binds trading venues only: custody, transfer, exchange and execution are untouched, no coin is named, and "inbuilt anonymisation function" is left undefined. ESMA has issued no guidance interpreting it, so national competent authorities apply it with varying strictness, which is where listing fragmentation across the bloc comes from. Titles III and IV applied from 30 June 2024, the CASP regime from 30 December 2024, and national grandfathering closed for good on 1 July 2026.

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.