> There's many areas in which tech competes directly with, or has attempted to build shadow parallel systems to other more regulated industries - payments, exchanges, various medical plays, media, etc.

If we are just talking about the USA, then I think both Apple and Google had to partner with entities in the financial industries to do payments, they didn't just bypass regulation in those industries. Then there is Stripe and Square (erm, whatever Square is called now), I'm not sure what regulations they fall under.