Just like with cash, though the only major difference is that regulations will regulate exchanges (banks) not the cash since they are permissionless and centralized.

Will be interesting to see what happens to decentralized cryptocurrencies vs. centralized cryptocurrencies in the near future.  I could see a situation coming up where governments will try to force companies like Coinbase and the like to exchange only centralized "legitimate" cryptocurrencies.  

I mean we can see how nations can ban together to scream what is "legitimate" louder than other nations, whether right or wrong.  Example A would be Venezuela.

Edit: when I'm talking about centralized cryptocurrencies, I'm thinking of projects that are trying to jump through every single legalization loop hole nations through at it; i.e. Libra, Cardano, etc.