In the context of open ledgers and multi-party consensus, ensuring transaction identity privacy is a critical challenge in blockchain. Current identity privacy protection schemes in public blockchains often rely on anonymous authentication and transaction obfuscation, which are difficult to apply widely due to a lack of effective regulation. Moreover, reliance on a single regulator introduces the risk of malicious behavior. Drawing on Monero’s privacy mechanism, this paper proposes an identity privacy protection scheme based on bilinear pairing and elliptic curve cryptography, while introducing the Information Dispersal Algorithm (IDA) to establish a distributed regulatory mechanism. By enhancing controllable anonymous identity markers and smart contract verification methods, this scheme allows distributed regulators to recover the true identity of transaction participants in an offline setting, thereby achieving ‘controllable anonymity’ in regulation. Security model analysis demonstrates that the proposed scheme ensures anonymity for the transaction recipient, regulability, regulatory reliability, and one-time private key security.