Cryptocurrency began as a largely unregulated and highly decentralized financial experiment operating outside traditional banking systems.

Over time, however, digital assets evolved from niche technologies into a multi trillion dollar global market attracting retail investors, hedge funds, payment companies and increasingly even major financial institutions.

As adoption expanded, governments and regulators worldwide faced growing pressure to establish legal frameworks for cryptocurrencies. Questions surrounding investor protection, financial stability, money laundering, taxation and securities law became central to debates about the future of digital finance.

At the center of one…