With the emergence of Blockchain technology and cryptocurrency, there are new unique challenges and opportunities in both the financial and regulatory domain. Governments across the world are facing the real challenge to the existing centralized financial system. The chapter analyses the regulatory complexities posed by Blockchain and cryptocurrency. Further, it also throws light upon how governments across the world are approaching cryptocurrency regulations. The approach varies from outright ban to partial acceptance but the regulatory oversight of Blockchain & cryptocurrency is a work in progress. Additionally, the chapter also highlights the transformative potential of Blockchain beyond cryptocurrency. It has potential to add immense value in other areas such as asset records management, identity management, supply chain, healthcare, and financial inclusion. The possibilities are many but the Governments and regulatory bodies need to be on board to turn it into a tool for transformative changes in the world.