At an earlier point in my career I became very familiar with the Swiss Financial Market Supervisory Authority, FINMA. I have always found their guidelines and rulings to be simple to understand, interpret and implement. They have a very pragmatic approach and in my opinion they are the best financial regulator in the world.
It comes as no surprise to me that their ICO guidelines, just 11 pages long, captures the essence of a very complicated subject and sets out very clear guidance as to how ICO organisers should view their project from a regulatory perspective in Switzerland.
If I was still in the business of advising clients (happily not!), I would use these guidelines as a starting point for coming to an opinion on regulatory matters for ICO projects in all jurisdictions as the logic and position taken in these guidelines is sound.
The guidelines can be found here.