Recent news of the imminent closer of many Chinese exchanges is the direct result of them dealing in ICOs, I've been shocked for the longest time other countries have done so, allowing ICO's to fly under regulators radar, however its only just a matter of time.
It has some bad influence to crypto, but I don't think icos will be killed by governments . No one could stop the development of block chain , China limited some shit icos, they were scammer.
But actually the ICO market can makes the government pay attention to the cryptocurrency world, not is Bitcoin.
Because most of the case about speculative, the ICO market is subject makes China interested and banned it in their country first.