What makes a digital asset platform trustworthy?

When people describe a platform as "trusted," what does that actually mean?

I've been reading about OSL, and it seems like there's more to evaluate than just reputation. Things like regulatory status, legal entities, product boundaries, custody, and risk controls all seem to matter depending on what you're using it for.

For anyone who's evaluated digital asset platforms professionally, what carries the most weight? Is it licensing, transparency, track record, security, or something else entirely?

I'd be interested to hear how you separate a platform that's genuinely built for institutional use from one that simply markets itself that way.