There is no international law that is enforced by a centralized governing body or police state. Therefore, the regulation of cryptocurrency falls on the jurisdiction of the country in question. Some countries are seeking to develop their own cryptocurrency. These countries include the Marshall Islands, Venezuela, the Eastern Caribbean Central Bank member States, and Lithuania.
Some countries have expanded their laws on money laundering, counter-terrorism, and organized crime to include cryptocurrency markets. They also require banks and other financial institutions that operate in such markets to conduct due diligence to operate under those laws.
Some jurisdictions have imposed restrictions on investments in cryptocurrencies, although there are other countries such as Algeria, Bolivia, Morocco, Nepal, Pakistan, in Vietnam that ban all cryptocurrency-related activities. Furthermore, some countries don’t ban their citizens from investing in cryptocurrencies; they do, however, restrict financial institutions within their borders from taking part in transactions involving cryptocurrencies: these countries include Bangladesh, Iran, Thailand, Lithuania, Lesotho, China, and Columbia (Global Legal Research Directorate, 2018).