In my Opinion regulating cryptocurency industry will be a good thing in the long run, with the most important aspect being mass adoption. Everybody on Steemit is really early adopters of the new technology and this will count in all our favours in the long run. For me regulation means mass adoption, as more and more people will feel more comfortable to invest their money in Crypto Currencies. And we all know that when more money comes into crypto, the prices of everything usually goes up and I do not believe that regulation will cover that we all have to declare exactly how much Bitcoins we each own.
Few days back I have also said the same thing about regulation. People are actually mixing prohibition and regulation as same which is actually incorrect. I too believe that regulation will actually help in mass adoption. The conservative class of the investors are staying out of the crypto market because of the lack of clarity in crypto legislation. So if Cryptocurrency is regulated worldwide, these class of investors will start pouring in, pushing the demand and price to the higher level.
Now on the declaration part, it is still unclear. Where Cryptocurrency is considered as a property (like USA), probably declaration will be required. But where Cryptocurrency is considered as a currency and means of payment (like Germany), that might not be required. But I am not sure since I haven't yet read their circulars. But without doubt I can say, regulation will have positive impact on the Cryptocurrency market.