Is cryptocurrency regulated?

As a keen observer of the ever-evolving landscape of financial markets, I often ponder about the regulatory status of cryptocurrencies. Given their decentralized nature and global reach, one might assume they operate in a Wild West-like environment, unregulated and unsupervised. However, this is not entirely true. Various jurisdictions around the world have been grappling with the question of how to effectively regulate this emerging asset class. Some have implemented stringent rules, while others have taken a more laissez-faire approach. But what is the overall regulatory picture for cryptocurrencies? Are there any global standards or frameworks in place? Or is it a patchwork of varying national regulations? These are the questions I seek to unravel in my quest for understanding the regulatory status of cryptocurrencies.