One of the main challenges of blockchain technology is to ensure the privacy protection of transaction identity under the condition of open ledger and multi-party consensus. At present, the identity privacy protection scheme based on anonymous authentication and transaction mixing in public blockchain is difficult to be popularized in the industry due to the lack of supervision. Based on the identity privacy protection scheme in Monero, this study introduces the role of the regulator, designs a supervised privacy protection scheme for the transaction receiver based on one-time address encryption and zero knowledge proof. It also designs a linkable revocable ring signature scheme based on linkable ring signature and revocable ring signature so as to implement the supervised privacy protection scheme for transaction sender based on autonomous mixing. The scheme can not only protect the identity privacy of the participants, but also support the offline transaction identity recovery for the regulator so as to achieve the regulatory purpose of “controllable anonymity”. The analysis and test results show that the algorithm operation time is millisecond in this scheme, which can meet the performance requirements of blockchain in non-high frequency transaction scenarios.