Cryptocurrency has been one of the tools that originated from the blockchain technology used in the financial world and have been a topic of debate among several diasporas concerned with the financial and money markets. It is known that cryptocurrencies such as Bitcoin, Ethereum etc., are in demand and used for transactions securing the financial purposes that illustrate the need and utility of such cryptocurrencies. Cryptocurrencies are a product of insecurity and instability in the financial markets; however, the measurement of the pricing of cryptocurrency itself is based on the perception of people, which makes it highly volatile and disadvantageous in many ways. It’s also evidence that there are many threats and challenges that these cryptocurrencies present that come from using them for crime, terrorism, and money laundering, among others. This calls for a significant change in the cryptoasset market, which has the potential to claim a greater stake in the financial market in the coming years. Relevance and utility of the cryptocurrency cannot be neglected because of its misappropriation; instead, regulations must be made to minimize such negative actions with the positive utility of such cryptocurrency. The present paper focuses on the lack of regulation for the cryptocurrency and their allied sectors, a major concern among the international community. Many nations such as Singapore and China have already started to venture out the prospects in the research fields related to regulating the cryptocurrency, and hence more such steps are needed by nations across the world. Cryptocurrency is a property or currency which could be decided as per the following policy of the respective state; however, when it comes to regularizing the cryptocurrency as a medium of transactions, there needs to be a global consensus among the states for holistic development of such filed of exploration.