I've never heard this before, but if it is a saying it's a bad one. Law is to abide by people. Sin is to disobey God. Sin always exists, even for those that don't believe in a God. And the absence of law ensures that when sin is committed it is considered "OK". It's the law that declares what actions are not "OK".

Anyway, sin has nothing to do with cryptocurrency regulation. And yeah, the beauty of regulation (if there can be any) is that most cryptocurrency networks are broader and larger than any jurisdiction for regulation. The network spans beyond county, province, country, or continent. They can't end cryptocurrency unless they seize control of every node that exists.