I am very much aware that cryptocurrency is not under any jurisdiction or government but is there a way to create an agency or rather blockchain that will be responsible for approving ICOs before it can be published or accepted. It must have been scrutinized by these agencies/blockchain.
It's just a suggestion, your opinions needed.
Agencies from the community itself is a no-go because of our heavy emphasis on decentralization. Creating a centralized unit which decides whether an ICO is good or not goes against majority of the community's principles. Maybe some governments can form their own, but they'll only have jurisdiction over their own country.
A blockchain will be built on code, and I'm pretty sure those who want to game it will be able to. It has to be fully automated to even be considered decentralized, and even then if just one group created it, it may not be decentralized enough. I personally don't think it's possible, but who knows.
My suggestion is to just ignore ICOs for now. Very few are actually legitimate anyway, and they're easy enough to spot if you actually scrutinize them.