The same signed receipt looks different depending on who's reading it. The holder sees the full record. The regulator sees the compliance-relevant part. The counterparty sees only what concerns them. One signature backs all three views, so there's no separate copies, no edits, and no room to argue about which version is real.
The full receipt. Every field, every fingerprint. Used for personal record-keeping and defending against disputes.
Just the compliance-relevant part: policy ID, scope ceiling, spend totals, jurisdictional fields. No business secrets, and no counterparty identities beyond what the law actually requires.
Only their own slice: the receipt ID, what was traded, the price, and the timestamp. Nothing else about the agent's other activity.
Most systems handle this by creating three separate exports: an audit log for compliance, a customer copy for the counterparty, a back-office record for the holder. Those three copies drift apart over time, and any dispute turns into an argument about which one is real. ViewKey keeps it all as one signed record. The signature covers the whole payload, and each view is just a fixed, repeatable slice of that same payload. Everyone sees less than the full picture, but what they do see is never a different story.