Yes there will be the possibility to use an VPN to avoid these restriction. But an organizer of an ICO can't officialy recommend the usage of such a tool to participate. The lawful thing is to block some users from the ICO. Whether someone is in the end accepting this and buying the tokens after the ICO from an exchange or trying to bypass the restriction is not the responsibility of the organizer anymore.
Before you make such claims you should add IANAL - I am not a lawyer. Unless you really are, but I can't imagine a lawyer saying that with such conviction.
Lawyer don't like ICO's. ICOs occupy a regulatory gray area that could leave investors vulnerable to fraud and land startups in legal trouble.
It's totally up in the air what the government deems sufficient deterrents, whether a checkbox or a just warning is enough, or blocking access to the whole site for example. Let alone what other things they might come up with such as requiring identification under KYC, or like China, rolling back and refunding all investments to their citizens. It might be a problem to find out where they came from if they used VPN if you are mere mortals, not if you have the power of the NSA...
Maybe I go a bit overboard here, but I want to make clear that VPN might or might not be a valid defense in court. There's not enough information to be sure.
Even so Paypie will have a place on the market then
