It's also a good opportunity to get some discounted coins

It is a good thing to have some form of regulations otherwise we have ICOs popping every hour. China being the first country to start working on this will be also the first country to launch regulated ICOs in the future. Hopefully other countries will follow once there is a working model that is successful.
Welcome to DNotes, veso86. It may take a little while for things to play out and settle down. This is a good time for portfolio adjustment. There are a lot of questionable projects/coins - so now is a good time to make some adjustments, especially if you can find your favorites at a bargain.
ICOs have gone wild. A few are getting very rich overnight at the expense of many. Reasonable regulations to ensure some consumers protection is healthy. Unfortunately, many law-makers are often ill-informed and reactive. I am concerned that this will lead to regulatory over-reach. I suspect that many other countries will follow China's lead. We always prefer to stay on the side of caution and take our time to do thing right, even if it takes longer to get there.