Updated: Mar 29, 2020
In my opinion, it should first be decriminalized and then legalized. There are plenty of laws that prosecute sodomy, extramarital sex, unmarried sex, interracial sex, etc. and those must be repealed in order for legalization to work.
The decriminalization model would first allow for the elimination of law enforcement in sex workers’ activities and/or transactions. It can deal with the laws that would interfere with the activities of two consenting adults(as mentioned above) It may also open up the possibility of banks to accept payments. (pending their moral beliefs).
The legalization model brings regulations and some entity telling you when, how and where you can perform. It may also allow for banks to accept payments, opening up methods and business expansion. It also will allow for better protection under the law.