OECD CARF

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

What OECD CARF actually says

The quiet instrument that will do the most to end pseudonymity at the intermediary layer, and it arrives before the AML rules do. Providers must collect self-certifications of identity and tax residence and report exchanges and transfers, including transfers to unhosted wallets, with no minimum on either. First exchanges begin in 2027 on 2026 data across 46 jurisdictions. The privacy architecture sits in the agreement rather than the reporting: Section 5 subjects exchanged data to confidentiality rules and to personal-data safeguards the sending authority can specify, and Section 7(5) lets a competent authority suspend exchange immediately where those safeguards are breached. Data protection is an enforceable precondition to receiving data, which is more than most AML instruments offer.

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.