I can't speak for other jurisdictions, but in the UK the Financial Conduct Authority seems to be taking a light-touch approach for now and keeping an eye on how the markets run (and presumably also whether substantial numbers of retail investors get burnt). They just put out a warning, but what I take from this is that in general it is possible to structure an unregulated ICO in the UK:
https://www.fca.org.uk/news/statements/initial-coin-offeringsBy this I mean unregulated for Financial Services and Markets Act purposes - you'd need to look separately at money-laundering disclosures and things like the Payment Services Regulations.
Personally I think the community should engage with regulators and maybe we should develop some sort of workable voluntary code for whitepapers to help drive the direction of regulation, rather than waiting for a top-down solution which may end up being so onerous and expensive to comply with that ICOs become a thing which only big banks and companies can do.
There's a good precedent to look at with regard to regulation of withdrawable share issues by charitable 'community benefit societies' in the UK. Co-operatives UK produces a sort of light touch prospectus with guidance on best practice which is a lot lot easier to comply with than the full FCA-approved passported prospectus regulation requirements which apply in relation to the issue of listed securities on EEA regulated markets!!
https://www.uk.coop/developing-co-ops/model-governing-documents/charitable-community-benefit-society
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