Its not regulated, because its not a regulated business.
Think of it like, if a gardner was trying to get an alcohol selling license for cutting down trees. He wouldn't be able to.
The IBWT team are uploading some 'Resources' detailing the actual points of law (in the UK) and FCA regulations as explained and discussed with FCA (as FCA helped explain, they know their Bitcoin!), they'll notify people when its been uploaded.
I will post links to it when its uploaded, then everyone can clarify for themselves.
https://ibwt.co.uk/company/resources(not uploaded yet)
On a side note, IBWT will be introducing an alternative funding system soon (via Royal Mail).
There will be News Releases and similar when its all ready.