Some countries don't allow people to invest in ICOs. Why is that? They don't allow ICO that issues dividends and represents the shares of a company, or they just ban all the ICOs?
They don't like random people who comes out of nowhere from a third party country ending up cheating the investors from their country. There is a mindset in the government's mind that ICOS are only meant to to scam people. The security exchanges of those countries are keeping a close eye on crytpo related events happening.