It's possible to do ICOs legally but it's very hard and not really worth it. I would rather use my tokens to set up something more direct, buy the tokens to pay for services my business offers. No "ICO" or any securities but sell a service which can only be bought with the token.
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Seems to me you are about to follow very closely the SMT developments. SMT probably comes with HF21 and parallelism with HF22.
So you still have some time to ponder these questions.