it depends of the jurisdictions. it would be fair to say that's the case in the US. in El Salvador for instance, crypto was not regulated at the time we started the wallet, whereas traditional is/was heavily regulated.


now, we expect people and company to deploy our stack in (very) different ways:
- some will want to do it at small scale for a local community and may not need/seek any licensing to do so. similar to our experience in El Salvador for instance.
- some companies, like neobanks or corporation that want to operate on the bitcoin standard, or even some city (we're in touch with some that we can't disclose yet), want to deploy our stack and will do it with the intend of getting all the regulatory approval


bitcoin

@nicolasburtey AMA: Building Bitcoin Banks, FOSS, USD over Lightning, Bitcoin Beach Wallet, Liquidity fee structures for wallets

Understood - so is it fair to say that bitcoin banks face the same regulatory burden / challenges as regular banks?  If so - is it fair to view Galoy as making use of Bitcoin predominately as a monetary rail, without the benefits of the sovereignty properties of Bitcoin?