Bitconnect is legally registered company by government rules.
Most of the Central Banks in Asia have not recognised virtual currency as legal tender but there is a trend towards legalising and establishing regulation.
Japan is the front runner in this regard and all the exchanges will be regulated as from June 2017. There are already some of the biggest store chains in Japan that accept Bitcoin as legal tender.
The Philippines are close behind and the central bank also having regulations for virtual currency exchanges and accepting it as legal tender.
India for years have not made any regulation about virtual currency transactions but have also not put any ban on any people using virtual currency
Even though the other countries namely Indonesia, Vietnam, Korea and Cambodia have not accepted it as legal tender by the central banks they have not stop any trading using the virtual currency such a Bitcoin. They have issued statements that there are risks involved but it is up to the actual traders to make the decision whether they would like to trade or not.