Fortunately though in almost all these instances, the fact is that the regulations are easy to put in place but to actually enforce any of the rules stipulated by regulation is the hard part. For instance, how are they going to regulate businesses that choose to stay unregulated, as we see with a lot of exchanges nowadays?
I'm pretty certain that the majority of the people and businesses will abide by such rules, but as always, there is a minority that simply doesn't care. The fact that the majority follows the rules is already a major win for any country. If the non-followers of the regulations such as unregulated exchanges grow out too large, they become a target eventually. No way they can keep running for ever.
Look at what's happening with Binance. It's slowly but surely turning into a compliant exchange. I'm pretty confident that within two years they will have a huge list of countries they do not provide services to, simply because their aggressive we-are-everywhere marketing doesn't work anymore due to their size and increasing regulatory pressure.
Binance made a killing when they started, and they knew exactly that it wouldn't last for ever. People however are shocked.
