Initial Coin Offerings are considered security, and or utility tokens in certain countries. However, sometimes it is considered illegal or treated as a crime in some countries. So be careful whether you are breaking the law, or complying with your country laws.
https://cointelegraph.com/news/key-points-to-watch-for-in-icos
Consult a lawyer specialized in the field before creating an ICO or even contributing to one.
Initial Coin offerings might not be illegal now in some countries. However, participants could be and would be guilty by association if ICOs turn out to be associated with bad actors.
This is just my opinion and nothing more.
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