Don't reguate: Decriminalise
The problem with legislating prostitution is that, especially with a Government like this one, they'd come up with a virtually unworkable system that would end up over-loading the industry (for that is what it is) with pointless and useless regulations.
There are already examples of stupidity like this, eg if two women work at one address for their own safety, that is classed as "running a brothel" which is illegal. If they employ a security guard, he will be classed as a pimp and "living off immoral earnings". They can employ a "maid" to answer the door, but she can *only* be paid by the client giving her a tip (don't snigger) because, again, if she gets any money from the girl, she will be breaking the law.
All of those laws and many others should be struck off the statute books before there's even the slightest thought of introducing new ones, but that would be sensible...