All these regulators in all the major nations will eventually force ICOs into regulated (or exempted) securities issuance, similar to Filecoins issuance. But the problem with that, is that the tokens issued as securities are then not freely tradeable.
All of those who are trading ICO-issued tokens now, are committing illegal trading. Proof-of-work issued tokens are not securities and thus not illegal to trade (this does not include scam issuance via instamines and sneaky/stealth mines).
Clawbacks, prosecutions, fines, and jail time are coming. Mark my word.
Seriously folks. Stop incriminating yourselves. Clean up your act now, so maybe the regulators will be lenient on you because at least you reformed yourself.
If a country bans these form of investments then they could charge the investors with money laundering and terrorism charges ,other than that expect these kind of rules and regulations because these ICO's are making millions of dollars without any obligation and it is time that the government disrupt this free flow of money and things might get tough in the future.