It depends which geographic area you are talking about and which cryptocurrency in general. In some countries, they have outright banned cryptocurrencies (See: Legality of bitcoin by country or territory | Wikiwand)

In other countries, regulations are slowly coming out, to regulate the dealing of cryptocurrencies when it is a token or some form of an offering and even when it is a unit of transferable asset/value.

The problem is that it is not easy to regulate them. Laws can be made, but people will continue to find a way to by-pass them. In some instances, efforts to provide fiat currency services to cryptocurrency led businesses have been thwarted and outright regulations have been issued for a ban on such services.

In India for example, there is a ban on access to banking and allied financial services for the cryptocurrency. It may reverse sometime int he future, but right now the ban exists. Same is for Bangladesh and Pakistan.

When you understand the inherent nature of the decentralized world of cryptocurrencies, you will also then understand the gargantuan task it is to try to ban them or regulate them.

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