China is not exactly a 100% democratic country. In other words, the nature of the country is that all the people will have to comply with the regulations when the regulations are started. But most other countries are a little different. Regulations such as China can be regulated, but as regulations tighten, all investment ecosystems, including the ico, will escape to other countries, which can ultimately be disadvantageous to countries with severe regulations.
Rather, in contrast to China's regulations, other countries can take the opportunity to positively attract ico. Therefore, given the long-term growth of the ico ecosystem, this regulation will not necessarily look bad.