Bitcoin is not legal tender and remains unregulated in most countries, while some such as Bolivia and Ecuador have a ban on its use . The New York State Department of Financial Services issues something called a BitLicense for virtual currency business activities. In Europe, Luxembourg issues such a license for cryptocurrency businesses. An increasing number of countries are exploring the feasibility of including virtual currencies such as bitcoins into existing regulated payment systems as FinTech transforms the banking and financial services business. Apart from the U.S., many countries treat bitcoin as property or investment and they are subject to taxation. Further, illegal activities involving bitcoins are prosecuted in several countries.However, the recent boom in prices of Bitcoin and other cryptocurrencies have prompted governments, regulators and central banks to raise warnings against an asset bubble waiting to burst. Their main argument is that such high prices cannot be justified for something that has no fundamental value. South Korea and China, two of the leading markets for cryptocurrencies, are leading the list of countries that have initiated crackdown against these currencies as of January 2018.