those are not regulations

Industry-imposed regulations (as opposed to government-imposed regulations) are still regulations, and payment processors have teeth.

Nobody calls them regulations, come now.

“Blue tape”, rather than “red tape”.

> Do not whitewash harmfull practice as the law.

You say that as if "The Law" is not already a set of whitewashed harmful practices.

Payment processors are de-facto regulators.

That answer to various governments.

Is copying machine even your all in one printer with scanner cannot copy banknote is somehow regulated I wonder ?