It really depends in the country where you are situated in my opinion, just like in case of china regarding regulating of ICOs, it was triggered because of so too much scam ICOs and the government can stay silent so they impose a ban first but i think they change it to regulation.
China didn't regulate - they banned. Completely different.
A company can choose which jurisdiction to be regulated under. The country that will have the smartest regulation will have the most projects built in it.