...
from rest_framework import serializers
from django.contrib.auth import get_user_model

class UserSerializer(serializers.ModelSerializer):

    email = serializers.EmailField()
    password = serializers.CharField(write_only=True)

    def create(self, validated_data):
        user = UserModel.objects.create(
            username=validated_data['email'],
            email=validated_data['email']
        )
        user.set_password(validated_data['password'])
        user.save()

        return user

    class Meta:
        model = UserModel
        fields = ('id', 'email', 'password',)

...
from rest_framework.authtoken.models import Token

@receiver(post_save, sender=settings.AUTH_USER_MODEL)
def create_auth_token(sender, instance=None, created=False, **kwargs):
    if created:
        # with transaction.atomic():  # commented out see above
        token = Token.objects.create(user=instance)
        print(token.key)

@receiver(post_save, sender=settings.AUTH_USER_MODEL)
def create_profile(sender, instance=None, created=False, **kwargs):
    if created:
        Profile.objects.create(user=instance)

from rest_framework.generics import CreateAPIView
from django.contrib.auth import get_user_model

from .serializers import UserSerializer

class UserRegisterView(CreateAPIView):
    model = get_user_model()
    permission_classes = [
        permissions.AllowAny  # Or anon users can't register
    ]
    serializer_class = UserSerializer