Cryptocurrencies have been a hot topic of discussion ever since Bitcoin, the first decentralized digital currency, came into existence in 2009. Over the years, cryptocurrencies have become more mainstream, and their popularity has soared, with Bitcoin, Ethereum, and other cryptocurrencies now having a market cap of over $2 trillion. However, as cryptocurrencies continue to gain momentum, there is a growing need for governments to play a more active role in regulating them.