For a long time, the cryptocurrency industry has had a tumultuous relationship with global regulators. While regulators of some countries like Switzerland have broadly accepted cryptocurrencies and foster their development, those of countries like India do not prohibit them, but are yet to formally define their legal status. Right now, India is far from truly reaping the benefits of cryptocurrencies and the potential they hold. One look at the global regulatory landscape for cryptocurrencies shows that the most progressive countries have either already regulated the industry, or have proposed legislation applicable to the emerging cryptocurrency market.