A multi-jurisdictional perspective: to what extent can cryptocurrency be regulated? And if so, who should regulate cryptocurrency?

This article addresses the need for effective cryptocurrency regulation considering its volatile nature, recent investment surges, and subsequent financial crashes. It explores various approaches to cryptocurrency regulation, examining different jurisdictions' approaches towards cryptocurrency's classification as a security, commodity, or property. For countries to efficiently regulate the global threat that cryptocurrency has the potential to be, regulatory methods that are currently being used on a domestic scale need to be addressed and evaluated for international effectiveness. The article begins by defining cryptocurrency and reviewing the recent events that have intensified the regulatory race, such as crypto crazes and crypto crashes. It analyses different regulatory approaches, highlighting which countries view cryptocurrency as a security, commodity, or property, and examines the necessity for international harmonisation. It then examines the introduction of Central Bank Digital Currencies, evaluating it as the potential step forward and identifying the impact it could have.