I’d put money into a project that had great traffic and a slick product, but I ignored the fact that they were operating in a sort of legal grey zone. It didn’t seem urgent at the time — until the platform had to block half its users due to new gambling laws in their biggest market. Overnight, activity tanked, and naturally, the valuation followed. Now I won’t even consider touching a project unless I check how it’s handling regulation. It’s not just about having a license — it’s about whether they’re building something sustainable that won’t crumble when governments tighten things up. One thing that helped me a lot was this page — https://coinranking.com/blog/regulation-impact-igaming-valuation/ — because it breaks down why regulated platforms sometimes end up being more valuable long-term. That part surprised me. Like, I used to think compliance just slowed things down. But now I see it as a kind of investment in stability. If you're playing the long game, chasing the "wild west" stuff doesn’t make sense anymore.