Due to the anonymous, decentralized nature of cryptocurrencies, there isn’t currently a formal regulation of ICOs. At the moment, the restrictions and obligations placed on ICOs are regional, and often vary from jurisdiction to jurisdiction.However, it is important to note that ICOs are by no means under the radar, and there are ongoing attempts to regulate them.
It is safe to assume that sooner or later, regulations will be placed on this market. When this occurs, it will certainly mean a change for this industry, though what kind is impossible to say at this point.
The lack of regulation is in keeping with the principles of cryptocurrency, and allow for some real innovations and open market mentality. The downside, is of course that the companies offering ICOs do not go through the rigorous checks and securities that tradable companies must survive.