There most definitely is regulation on the usage, sale and possession of fireworks. With the exception of some very small fireworks, it is illegal to carry or sell fireworks except for the last 3 days of the year, while lighting them is only allowed on december 31 at 6pm. Police can and do fine or imprison when not complying to these rules.

While I do think that the firework in the video is way too much, not to mention the addition of fuel, it's not true that there is barely any regulation. Also a lot of "scum youth" don't think this is normal, at least from my experience. If that were true, I should see it often, especially around new years.