This won't be happening. Countries can take regulations, but this will never help them regulate the ICO structure barely. This will only a fear factor for ICO conducters that's all.
They can create companies in Singapour, Cayman Islands etc. They keep it anyway.
You are right, they can control some organization but not all since that regulation is only applicable to some countries, but since majority of ico are born here the bitcointalk can regulate it and to some extend weed out scam ico's