I also agree that classifying a token into security or utility category will depend on the law of every country. I think legal analysis should be conducted in a case by case basis by an expert.
Another topic of consideration is the jurisdiction of the "investor". I've seen that some exchanges or platforms do not allow US investors. I guess there is some legal reason for that.
Taxes also depend on the laws of every country and/or Double-taxation treaties, so case by case analysis is also important. Based on my knowledge of Colombian taxes, I think taxable income is generated in realized gains when crypto is converted to FIAT. Of course tax authority can think in a different way.
Finally, I've seen that many platforms are requiring KYC procedures to comply with regulators bodies. A token creation may be subject to KYC procedures. As mentioned before, it will depend on the country.
Late thank you @danielfs for such an amazing comment and for your resteem.
We're talking about Steem-engine tokens :) There is no KYC needed here (luckily).
Have a great weekend ahead,
Piotr