Yeah you are correct that bitcoin is criticized widely because of lack of regulation. Bitcoin is lack or regulation because bitcoin is uncontrolled of anyone. Maybe the only can do of regulatory framework is a government once they adopt bitcoin and legalized it as they crypto currency. I read in one article that one country create a regulatory board for money laundering in bitcoin to avoid criminality incident through using bitcoin in currency exchange. I think this is a form of regulation when it come to bitcoin once government adopt it and legalized it..