My primary concern with platforms registering in the Seychelles and similar jurisdictions so they can continue avoiding AML/KYC is that the industry is creating a two-tiered system. Is it possible that the whitelisted exchanges -- the Coinbases, Geminis, and Bitstamps -- will begin restricting deposits from non-compliant platforms? That creates huge fungibility issues.
Already has been the case for quite a while now, coins from mixers, coinjoin, wasabi, gambling sites or a dnm can trigger an account freeze.
However, there are some minimum amounts that will be allowed under the new directive (50-150 EUR), so you may still be able to trade small amounts without KYC.
As long as transaction fees are low, that is, or even that will stop making sense.