I don’t live in that country , but I’d say it depends on how well their government understands cryptocurrency, then they will be able to regulate. But, don’t forget that regulation will only be on exchanges that are centralized. People tend to make use of decentralized exchanges in places where regulation is tough or cryptocurrency is banned.  That way they wouldn’t be traced or suspected. But any government can regulate the exchanges that are centralized, because those ones are registered under them, so it’s easy for them to control.