Regulation of the cryptocurrency industry is a divisive issue, with some being in full support while others view it as going against Satoshi Nakamoto’s vision of a self‐regulating industry. Those who support regulation see it as the only way cryptos can go mainstream and attract institutional investment. There is no denying that cryptos have been used by many for illegal activities, largely because the regulatory framework in place doesn’t cover the industry comprehensively. The lax regulations have also instilled fear in many potential investors, further preventing cryptos from going mainstream. This, many argue, is reason enough to call on regulators to formulate policies for the industry.The crypto industry is one that has risen in value and prominence in just a few years. While Bitcoin has been around for a decade now, it was largely unknown during its first five years. Other cryptos like Ethereum have been around for less than five years but have gone on to command huge market capitalizations. The newness of this industry has made it difficult to regulate, and governments worldwide are still struggling to catch up with the fast‐evolving technology.