Even those that were attempting to get business licences don't seem to have gone anywhere yet, or at least, have seemed to stall. I recall two companies late last year that were really (on paper anyway) trying hard to do things different with their ICOs, addressing some of these questions you have on transparency.

I saw some videos myself of Hydrominer where they showed equipment being purchased and their own set ups. Quite transparent, quite convincing (two sisters in Austria who started home mining and then ran an ICO to try expand with hydropower), but ultimately, other than allowing anyone to visit their sites openly, I'm not sure they managed to formulate calculations that would keep investors profitable. In terms of legitimisation, though, they're the closest I've seen - trying to make their token model regulatory compliant and selling based on energy consumption rather than hashpower.

It's not an easy business and no one wants to be fully transparent because margin lines are razor thin.