Why are cryptocurrencies facing global backlash from regulators?

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Why are cryptocurrencies facing global backlash from regulators?

It has been observed that a lot of regulators across the world are coming against Cryptocurrencies. Recently, South Korea is planning to ban ICOs etc.

Edited answer
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Cryptocurrencies by design undermine the legacy fiat money based economy. Since, fiat money is generally controlled by central banks and hence the corresponding governments, any threat to the fiat money system is perceived as a threat to the governments. This perception of threat is what is driving insecure governments to try and impede the growth of cryptocurrencies with bans and regulations.

Edited answer