At an event held in Frankfurt on January 15th, a board member of Germany's Bundesbank, Joachim Wuermeling, has said that the regulation of cryptocurrencies would require global cooperation. Wuermeling said that international cooperation is required to create an active regulatory environment for cryptocurrency markets because the individual power of individual nations is limited.

Following moves by the Chinese government to prohibit the operation of domestic cryptocurrency exchanges, many Chinese traders relocated their activities to exchanges which were based in South Korea or Japan.

Countries around the globe have tried different ways to implement new regulatory power over cryptocurrency markets. China has introduced the strictest controls by proposing a total ban on initial coin offerings and crypto exchanges. In recent days, the Chinese government has also outlined its place to close all 'exchange-like services'.

Last week, the South Korean Justice Minister proposed the introducing of a ban on crypto trading in addition to controls already introduced. Russia has taken the relatively modest approach of suggesting that trading should take place on coin exchanges which are 'officially controlled.'

In the US, cryptocurrency is being regulated on both the state and federal level. In 2017, the Securities and Exchange Commission (SEC) issued multiple warnings to investors about the risk of investing in cryptocurrencies.