Virtual currencies' (including Bitcoin) are a way to transfer value, but there is no established mechanism or legal framework in place to protect users.
Virtual currencies (cryptocurrencies) operate on a decentralized platform; that is users are basically in charge of the safety of their funds. Setting up a legal framework will not be able to keep the funds of users safe if these users do not set up security measures to protect their private keys secured for an external interference or third party. With cryptocurrency, users are solely in charge of their funds and how they decide to send or receive funds. Users are responsible for their safety, establishing mechanisms will not really be of help keeping the funds of users safe..