This is worse than many people think.

There will be blacklist of "non-compliant" entities. So moving company outside of EU won't work.
If actors like coinbase,kraken and binance want to keep their SEPA gateways, they'll have to comply.

This is an attempt to convert cryptocurrency system into Banking like system.

At this moment there's no such regulation in draft but i can imagine that the next regulation -  after 12 months, will be prohibiton to exchanges in EU from accepting any kind of transfers from unhosted wallets.
If you don't comply you'll be kicked out of system and you'll never be able to cash out these funds in EU.