"If crypto stays illegal, it will be ghettoized, and that will make it harder for it to spread ultimately."

However, in major markets including the US, Japan, South Korea, Singapore, Switzerland, and the UK, the usage and trading of cryptocurrencies are legal, with sufficient regulatory frameworks in place to protect investors in the global digital asset exchange market.

Already Regulated

According to Cowen, regulation around cryptocurrencies as an emerging asset class has to be solidified further to attract more investors into the market and encourage merchants to adopt cryptocurrencies as an alternative payment method to fiat currencies.