We’ve talked to a few regulators in Asia about that very model specifically. The crux is that it’s not generally seen as a closed system. A BTC Pay server doesn't hold funds or issue tokens. It just automates the process of generating invoices and verifying that a payment has been made to the merchant's wallet (or whatever). A Cashu mint though is a tokenised credit system, which most regulators see differently. For example if you're a merchant and you issue gift certificates then as long as they can't be exchanged for cash (either outright or by giving change in any serious amount relative to the gift certificate's value) then you're good to go in most places. But for Cashu the holder can cash out anytime, either remaining value after a purchase, in any amount, or they can cash out the top up without purchasing, etc. So it's open and exchangeable. In some countries that's a grey area, but in others it's pretty clear that this is a regulated use case. If looking for Cashu entry points that are less likely to require regulatory green-lighting then I think there are better ones than this, again though depending on the country.