In my opinion some clever county will allow ICO and everybody could open ICO in this country.
And about possibility to participate at ICO from banned country... it not big problem I think.
It is quite a big problem. Sure you can base your project in some shithole country, but if you don't take all the reasonable steps to prevent participants from countries where ICOs are regulated, than you'd be a wanted criminal in those countries.
You could always do it anonymously (escrowed funds) but you would have a hard time to get people to trust anonymous devs.
Overall, I think regulating ICOs is inevitable in 'civilised' world and that's a good thing. Most of this shit is just a money grab schemes, and all the raised funds are being dumped for $$$, causing price decline.