Depends on whether the ones doing it are also the ones making the laws.
And there is the really big flaw in a regulatory scheme. Can you really think of a way to arrange international coordination against making better and faster chips? How well has international coordination on, say, carbon emissions worked? If some countries outlaw making better chips, the others are likely to see that as a place where they can get a competitive advantage. If some countries outlaw importing better chips, that too will be seen by others as a place to get advantage, by using the chips themselves. And smuggling in high-capability chips fro...
In this essay I argue the following:
Full essay: http://www.gwern.net/Slowing%20Moore%27s%20Law