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Increased regulation and other restrictions around trading are currently contributing to the high price of cryptocurrencies. The difficulty of “cashing out” encourage people to hold their coins for longer which in turn means that there are fewer coins in circulation to meet the increased demand and thus is forcing the price to go up (Bitcoinmagazine, 2018) .
A. Legality of cryptocurrencies
Law enforcement agencies, tax authorities and legal regulators worldwide are trying to understand the concept cryptocurrencies as they are becoming more and more popular.

Regulators are greatly concerned about cryptocurrencies’ decentralized nature and their ability to be used almost completely anonymously. Authorities are also worried about their appeal to illegal trading of goods and services and their possible use in money laundering and tax evasion schemes (Cointelegraph, 2013-2018).

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Cryptocurrencies do not depend on central authorities to control transactions and regulate exchanges, which is totally the opposite of traditional financial systems. With exchange after exchange being compromised due to poor security and the operators of fraudulent non-existent Blockchain solutions and scams, ICOs are being unmasked on a monthly basis.resulting in the marketplace being a risky business. Cryptocurrency is starting to indirectly impact traditional exchanges.
The interest in cryptocurrency and the Blockchain is high enough that any mention of these technologies can cause a rise in share price. Scams, losses, cyberattacks, and companies riding on Blockchain as a fad, are all causing problems for regulators who have little laws to rely on in the rapidly growing marketplace.

B. Hysteria on all fronts
The bitcoin boom and the calls for it to be banned looks like a mania and are a bit over the top. Regulators are right to warn retail investors about the dangers of a thinly traded market about things that could go wrong. It is hard to see how the currency can be a source of systemic risk when the value of bitcoin is less than half of Apple’s market capitalization. Real damage occurs when a plunge in asset prices is combined with the widespread use of money, specifically by banks, has been borrowed (The Economist Newspaper Limited, 2018).
C. Should cryptocurrencies be regulated?
The bigger the capitalization of the cryptocurrencies market becomes the more people are concerned for it to be regulated. It would increase the flow of institutional capital into cryptocurrency markets and would also further strengthen the corporate governance. The trick for regulators is to balance investor protection and systemic stability with the need to protect innovation and encourage capital formation (Mail Guardian, 2018).

Governments need to develop frameworks for cryptocurrency oversight. Solutions will only be found through international cooperation in the cross-border market (The Conversation Africa, Inc., 2010-2018). That’s where international cooperation in the cross-border market will step in.

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