Regulation is the abstract concept of managing various systems according to laws, rules and trends. The term has a different meaning according to the context in which is used. In economics, regulation if the application of the law by the government or an administrative agency for a specific purpose. The most common regulations are those concerning the sale of alcohol, tobacco or prescription drugs. Cryptocurrency regulation varies by country. While some countries have completely banned the operation of cryptocurrency exchanges, others have encouraged cryptocurrencies allowing them to flourish.