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Being a decentralized system of network, blockchains are treated as the most strenuous technology and that’s the considerable reason to manacle it into strict regulations. Due to the innovative and dispensed nature, blockchains create numerous problems for regulators [12]. As it is already defined and know that Blockchains are distributed and decentralized. As a result, the nodes or sub systems within a network can be placed all around the world, without a definite ‘home-base’, making the question of legal jurisdiction complex.

The structure of blockchains creates issues concerning liability and accountability as un-authorized public blockchains have no form of a central authority or decision-maker that can be held responsible for the actions carried out within the network [12].

Apart from this, within a blockchain, data is shared across every node or participants of the network, each maintaining a full replica of the database. This case makes the situation more difficult as the real owner of the blockchain couldn’t be determined or is quite difficult to be judge it for the already created blockchain [12−14]. This scenario presents a challenge where intellectual property is concerned, making it strenuous to determine the author or owner of the data.

Privacy is another great challenge for regulators of blockchain. Transactions are linked completely and solely to a network account address rather than a personal identification (PI number), apparently ensuring privacy. However, if a connection between the two node are made and on the same side it revealed, the protection of an individual(s) privacy is no longer exists [16].