Blockchain is a distributed ledger technology that comes with several uses that can revolutionize our daily life. For instance, governments can take advantage of blockchain to issue IDs that cannot be replicated, or can monitor taxation reporting in a unique and transparent way. Insurance companies can utilize automatic execution of contracts, financial bodies can secure money and financial asset transfers in a matter of seconds, and the intellectual property sector can distribute and manage IP rights pertinent to music, videos or other protected content. Despite the multiple benefits of blockchain, and its use in cryptocurrencies, this technology comes with a number of drawbacks. Both EU and US regulators have raised concerns regarding the legal status of blockchain applications in different sectors (e.g., whether cryptocurrencies should be considered a currency or a property asset). This paper will discuss in detail how blockchain works and its main uses. It will then explore how the EU and the US intend to regulate blockchain, using cryptocurrencies as a case study. The paper will conclude with a discussion regarding the future uses of cryptocurrency and whether blockchain applications can co-exist with more traditional legal sectors (e.g., data protection law, IP law, contract law, etc).