The regulation of the cryptocurrency market is done by countries or states on a local level, although there is some level of international coordination. Each country has its own laws and regulations regarding cryptocurrencies, and many are still in the process of introducing regulations. For example, the US has the Financial Crimes Enforcement Network (FinCEN), which is responsible for enforcing anti-money laundering and counter-financing of terrorism rules on virtual currency exchanges, as well as the Commodity Futures Trading Commission (CFTC), which oversees derivatives markets. Other countries may also have their own financial watchdogs or regulatory bodies.