I think they were only behind the bad guys and scammers who were collecting money disguising as new ico projects, sooner or later china will be fully legalizing the real crypto assets as the largest mining units are working from china and also Chinese provide huge volume to overall crypto market, so the real coins are projects are going to be ok in China and all over the world.
Makes sense but scammers will always be there no matter what. Instead of unregulated way of doing it, now a much more regularized system will be there but again people who are behind this might take advantage of the system.