When it comes to privacy public chains, the two most frequently asked questions are always the same old topics: Are anonymous coins truly compliant? Can regulators accept them? To be honest, over the past few years, many teams have chosen to bypass these issues or hide under the banner of "decentralization" to get by. But a project I've recently been paying attention to is different—it seems to be seriously tackling this problem.

Dusk's approach is quite interesting. Its privacy solution isn't designed to help retail users transfer and hide money, but rather targets real financial application scenarios: securities, bonds, funds, equity, and similar assets. These areas inherently require strict regulation and also have an urgent need for data protection. So the core question Dusk aims to solve is—why should financial institutions use your chain? Not how can I hide more effectively.

On the technical side, it uses zero-knowledge proofs, but not to show off capabilities. The key is verifiability: private data doesn't go on-chain, but compliance proofs can be audited. You don't need to expose all transaction details, but when regulators need it, you can prove you're compliant. It sounds simple, but the actual implementation is quite challenging, which also explains why many privacy projects haven't been truly realized in practice.

Looking at the regulatory aspect, Dusk has been emphasizing coordination with the European financial system—such as MiCA regulations, securities law frameworks, and so on. This isn't just a verbal promise; it's directly reflected in the product design: permission controls, identity verification layers, and meeting compliance audit requirements. From the industry perspective, this approach clearly stands out as a differentiated direction.