South Korea has already begun the regulation process, starting with the shutdown of anonymous traders on exchanges.

America is wild card.  While they want to let industry grow without constraints, at some point they will likely clamp down on anything that falls in the securities bucket, they have already alluded to this.  They're just going about it much more methodically than other countries.  A figurehead from the SEC just said this past week that "Every ICO he saw was a security" so the smart money is def on some kind of protocol being put in place.  They're just trying to find a way to oversee this industry without limiting the innovative upside of the tech.