As any of the emerging technologies, cryptocurrency has been
disruptive to the market and has challenged regulators globally.
Unsurprisingly, it has been commented that "a little more
than a decade ago, cryptocurrencies were essentially an academic
concept. The idea seemed far-fetched to most people. But that all
changed in 2009 with the creation of Bitcoin .../... [today] the
world's cryptocurrency market is worth more than USD 3 trillion
.../... there's no question that crypto is here to stay, and it
will undoubtedly continue to disrupt countless industries1
2 ".
As of date, cryptocurrency has remained largely unregulated, if
not at all, in most jurisdictions. Hence the challenge which it has
become to the international market as regards its classification
namely, whether it is a security, currency or a commodity.
Paradoxically, this is where its appeal resides. Indeed, as of
date, cryptocurrency has operated independently of intermediary
entities and therefore
