How do you participate in an ICO crypto?

For those seeking to understand the process of participating in an Initial Coin Offering (ICO) in the cryptocurrency world, it's crucial to have a solid grasp of the fundamentals. Could you elaborate on the key steps involved in participating in an ICO? Specifically, how does one identify a promising ICO, research its potential, and ultimately invest in the offering? What are the risks associated with ICOs, and how can investors mitigate those risks? Additionally, what are the regulatory considerations and compliance measures that investors should be aware of? Understanding these aspects is crucial for anyone considering participating in the exciting but complex world of ICOs.