Worst case scenario, page-5

From my read, Afterpay already anticipates regs and has got in front of it.

Worst case is ASIC confirms unequivocally that APT is a credit product and requires:

a) some interrogation / verification of customers circumstances (income/ expenses) which the partnership with Illion could assist with (not for free I'm sure).
b) APT forced to switch to debit card only payments (which could reduce exposure to marginal customers but could crimp revenue.)

In other words, slow down the juggernaut but potentially result in a healthier company.