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Solidus Labs

Solidus Labs

These podcast episodes are produced by Solidus Labs, the market integrity firm focused on protecting modern financial markets across crypto, digital assets, and TradFi. The goal is simple: clearer insight into market integrity today, and what it will take to build fair, resilient financial markets tomorrow.

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  • 21 episodes
  • Avg 49 min
  • English

Episodes 21

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  • Tuesday · 43 min

    Operationalising Compliance: The Machinery, Not the Theatre

    As digital asset regulation matures, compliance is no longer just about understanding regulatory requirements. The real challenge is turning those requirements into governance, controls and operating models that work in practice. In this episode of Compliance Champions, Delphine Forma sits down with Nehal Chudasama, Head of Compliance and MLRO at Enigma Securities, to discuss what it really means to operationalise compliance. Drawing on his experience building compliance frameworks for an institutional digital asset broker, Nehal shares practical insights on scaling governance, preparing for new regulatory regimes, designing effective market surveillance frameworks and using AI to strengthen—rather than replace—professional judgement.

  • August 6 · 52 min

    Controlled Openness: Inside Cambodia's Digital Asset Regulatory Framework

    In this episode of Compliance Champions, Delphine Forma, Head of Policy Europe and APAC at Solidus Labs, speaks with Dr. Vin Pheakdey, Deputy Director General and Chair of the FinTech Working Group at the Securities and Exchange Regulator of Cambodia. They explore how Cambodia has transformed its approach to digital assets — from restricting unlicensed crypto activity in 2018 to establishing a formal, dual-authority licensing framework under SERC and the National Bank of Cambodia. Dr. Vin walks through the architecture of Prakas 093, which classifies digital assets as financial instruments and securities, and explains what firms need to demonstrate to navigate the sandbox process and secure a full licence. He also shares the most common gaps SERC sees in applications — practical intelligence for any firm considering the Cambodian market. The conversation also explores the realities of supervising a borderless market. Dr. Vin shares why offshore unregulated platforms remain one of the biggest challenges facing regulators, why international cooperation and information sharing are indispensable, and how Cambodia is embedding market integrity into its framework through transaction monitoring, trade surveillance, RegTech, SupTech and direct supervisory access to transaction data. They also discuss Project Bakong — Cambodia's blockchain-based digital payment system with over 65% population penetration — and how its success has shaped the country's confidence and approach to broader digital asset regulation. Rounding out the episode: Cambodia's international engagement strategy including its bilateral meeting with the U.S. SEC, lessons learned for other emerging market regulators, and a preview of the joint NBC-SERC guideline on digital asset supervision currently in development. A sharp, forward-looking conversation offering a rare regulator-side view into how emerging markets are building digital asset frameworks — and why Cambodia's approach deserves more attention than it gets.

  • July 15 · 45 min

    Regulatory Reporting at Scale: Inside Bitpanda's Compliance Engine

    In this episode of Compliance Champions, Delphine Forma, Head of Policy Europe at Solidus Labs, speaks with Philipp Ringel, Team Lead for Regulatory Reporting at Bitpanda — one of Europe's largest and most licensed crypto platforms. They explore what regulatory reporting really involves at scale, including how Bitpanda manages over 100 reports across multiple licenses and regulatory frameworks. Philipp shares how the function has matured over five years, what makes crypto reporting uniquely complex compared to traditional finance, and how firms can design processes that hold up under scrutiny. The conversation goes deep on data — why quality and governance matter from day one, how to capture the right data points early in the customer journey, and how to normalise information across different reporting regimes. They also cover the role of automation and AI, the practical challenges posed by MiCA's still-evolving requirements, and how to navigate reporting to stablecoin issuers where centralised infrastructure simply doesn't exist yet. A practical, experience-led conversation for compliance and reporting professionals building the infrastructure that keeps regulated crypto firms accountable.

  • July 9 · 48 min

    The Endgame: Inside a Crypto Wind-Down Under MiCA

    What does it actually take to wind down a crypto exchange responsibly? Following the withdrawal of Kriptomat's MiCA application, Delphine Forma speaks with Dejan Davidovič about one of the least discussed areas of crypto compliance: how to close a regulated business while continuing to protect customers and meet regulatory expectations. Together they explore how Kriptomat designed its wind-down strategy, communicated transparently with customers, selected Kraken as its migration partner, managed dormant accounts and asset delistings, and continued meeting its AML and reporting obligations long after trading had stopped. They also discuss the regulatory uncertainty surrounding firms caught between legacy licensing regimes and MiCA, why clear regulatory guidance on wind-downs is still missing, and the lessons every compliance officer, founder and policymaker should take from the first generation of MiCA applications. Whether you're preparing for authorisation, managing regulatory change or simply interested in the realities of running a regulated crypto business, this episode offers practical insights rarely shared in public.

  • July 2 · 47 min

    The Future of Payments and Digital Assets in Australia

    What does compliance look like when payments regulation, crypto licensing, and AML requirements are all changing at the same time? In the latest episode of Compliance Champions, Delphine Forma sits down with Hailey Shi, Legal Counsel at Manova, for a deep dive into Australia's rapidly evolving regulatory landscape and what it means for payment service providers, crypto businesses, and compliance professionals. They cover: • Australia's transition to a new function-based payments licensing framework • how the digital asset licensing regime will impact exchanges, broker dealers, custodians, and assets tokenization platforms • the implications of bringing crypto businesses into a broader financial services framework • the shift from prescriptive AML rules to risk-based compliance obligations • travel rule implementation challenges for payment providers and digital asset businesses • the introduction of reporting groups and lead entities under Australia's AML reforms • practical strategies for operationalizing major regulatory change across legal, compliance, product, and engineering teams • where AI can improve compliance efficiency and support regulatory implementation efforts Hailey shares practical lessons from the front lines of regulatory transformation, offering valuable insights into licensing, financial crime compliance, governance, payments infrastructure, and digital asset regulation. A must-listen episode for professionals working in compliance, legal, financial crime, payments, fintech, and cryptocurrency regulation.

  • June 17 · 56 min

    The Hub Model: How to License Smart Across Crypto and TradFi

    What does regulatory compliance look like when your business spans traditional finance, crypto assets, multiple jurisdictions, and evolving regulatory frameworks? In the latest episode of Compliance Champions, Delphine Forma sits down with Dimitar Manolchev, Managing Director of Regulatory Compliance at FXCM Group, for an in-depth discussion on building global licensing strategies across traditional financial services and digital assets. They cover: • how firms design licensing strategies across the globe and global markets • why regulatory synergies matter more than simply collecting licenses • the practical advantages and limitations of MiCA Article 60 notifications • the relationship between MiFID and MiCA licensing frameworks • appropriateness and suitability tests in financial services and digital assets • ESMA's position on crypto perpetual futures and the implications for retail investors and crypto exchanges • managing regulatory uncertainty and conflicting supervisory expectations across jurisdictions • how compliance teams can build flexible frameworks that adapt to regulatory change • the growing role of AI in compliance advisory, monitoring, regulatory reporting, and governance Dimitar shares practical lessons from operating across multiple regulatory regimes and explains how compliance leaders can balance regulatory expectations, business objectives, and innovation in an increasingly complex global environment. A must-listen episode for professionals working in crypto compliance, digital asset regulation, financial services regulation, licensing, risk management, and fintech governance.

  • June 10 · 1 hr 1 min

    Compliance Without Borders: Building a Global Crypto Framework

    In this episode of Compliance Champions, Delphine Forma, Head of Policy Europe at Solidus Labs, speaks with Johan Hetzel, Global Head of Compliance & Anti-Financial Crime at Luno — a leading crypto exchange operating across Africa, Europe, and Southeast Asia. They explore the practical realities of scaling compliance across multiple jurisdictions — from the principle-based framework in South Africa to the more prescriptive rules in Malaysia — and how firms design global standards while allowing for local adaptation. Johan shares his approach to building trade surveillance programmes, managing the tension between compliance and engineering priorities, and tackling some of the industry's most debated challenges: travel rule implementation and unhosted wallet treatment. The conversation also covers the growing role of AI in financial crime detection — where it genuinely helps and where the risks lie — as well as what compliance leaders should prioritise when everything feels urgent and resources are never enough. A candid, experience-driven conversation offering a rare practitioner's view into what global compliance leadership in crypto actually looks like.

  • May 20 · 1 hr 1 min

    Inside New Zealand’s Crypto Regulatory Playbook (FMA Insights)

    Join Delphine Forma, Head of Policy Europe at Solidus Labs, as she sits down with Alan Crofts, Sarah Davidson, and Nelson Curry from the New Zealand Financial Markets Authority. They unpack how New Zealand regulates digital assets—from defining financial services and stablecoins to tackling scams, custody risks, DeFi, and market abuse. A practical, regulator-led deep dive into compliance expectations, enforcement trends, and what’s next for crypto oversight.

  • May 14 · 48 min

    Why Japan Could Become Crypto’s Next Institutional Hub: Designing Compliance in a New Regulatory Era

    In this episode of Compliance Champions, Delphine Forma, Head of Policy Europe at Solidus Labs, sits down with Wise Wang, Head of Legal and Compliance at HashKey Japan. They explore how Japan’s regulatory approach to crypto is evolving, including the shift from a payment-based framework to a capital markets model. Wise shares insights into what these reforms mean for firms operating in Japan, from increased disclosure requirements and stronger investor protection rules to the growing importance of governance, surveillance and internal controls. The conversation also covers the potential impact of tax reform on market activity, the challenges of building compliant crypto businesses in a highly regulated environment, and why firms need to rethink compliance as a core part of their product and strategy. Drawing from his experience in both tech platforms and crypto, Wise also reflects on the similarities between early social media regulation and the current evolution of crypto oversight. A deep dive into one of the most advanced regulatory markets and what it means for the future of institutional crypto adoption.

  • May 5 · 35 min

    From Investment Banking to DeFi: Inside SMBC Nikko’s Web3 Transformation

    In this episode of Compliance Champions, Delphine Forma speaks with Taisuke Isono, General Manager of the DeFi Technology Department at SMBC Nikko Securities, about how institutions are approaching decentralized finance, automation, and the future of financial markets From automated market access to AML-driven design, this conversation unpacks how one of Japan’s leading financial institutions is bridging TradFi and DeFi and what it means for the future of finance.

  • April 1 · 55 min

    Global Compliance Isn’t One Size Fits All

    In this episode of Compliance Champions, Delphine Forma speaks with Dianah Njeri Igati, Regional Head of Compliance APAC and Company Secretary at Pepperstone, about what it really takes to build compliance across multiple jurisdictions and market types. Dianah explains how Pepperstone approached its crypto launch in Australia, how she thinks about emerging versus developed markets, and why local context matters so much in compliance design. They also discuss Australia’s evolving crypto framework, Africa’s growing regulatory momentum, practical lessons for firms expanding into new markets, and how AI is changing the role of compliance teams. It is a grounded conversation on strategy, regulation, culture, and the future of compliance.

  • April 1 · 47 min

    Designing Crypto Compliance for Global Financial Institutions

    In this episode of Compliance Champions, Delphine Forma speaks with Deepthi Machavaram, Global Head of Digital Financial Crime Advisory at Morgan Stanley, about how large financial institutions are approaching digital asset risks. Deepthi explains how the industry has shifted from early curiosity to operational rigor, and what that means for building effective frameworks around crypto products, vendors, analytics, and controls. They discuss source of funds and source of wealth in crypto, the limits of blockchain analytics, the realities of regulatory misalignment, and why data, governance, resilience, and flexibility matter so much. The conversation also explores tokenization, AI, and the role compliance teams will play as financial institutions navigate digital assets over the next decade.

  • April 1 · 47 min

    Standardize the What, Localize the How: Scaling Global Compliance

    What does global compliance look like when your business spans multiple licenses, jurisdictions, products, and platforms? In the latest episode of Compliance Champions, Delphine Forma sits down with Joanna Frendo, Chief Risk Compliance Officer and Head of Compliance at Deriv, for a conversation packed with practical insight from more than 20 years in the field. They cover: • how to build a global compliance framework that actually works in practice • how to balance consistency across the group with local regulatory nuance • why onboarding and suitability must be continuously monitored, not treated as one-off exercises • how AI is changing the way compliance teams stay current and operate at scale • why market abuse surveillance in a multi-asset derivatives business is especially complex A strong episode for anyone working in compliance, risk, regulation, or fintech operations.

  • April 1 · 52 min

    Bringing Compliance On-Chain: The Future of Tokenized Real-World Assets

    In this episode of Compliance Champions, Delphine Forma speaks with Salman Banaei, General Counsel at Plume, about the rise of embedded compliance in blockchain infrastructure. They explore how Plume is integrating AML, sanctions screening, trade surveillance and transaction monitoring directly at the protocol and token levels to support real-world asset tokenization. The conversation dives into evolving regulatory approaches to DeFi, including the US market structure bill and global trends. Salman also highlights emerging market abuse risks in on-chain environments and the importance of interoperability across both technology and regulation. The episode offers a forward-looking view on how compliant, global capital markets may develop on-chain in the coming years.

  • March 25 · 59 min

    Tokenized Money and the Future of Global Payments

    What does blockchain adoption actually look like inside a global payments company? In this episode, Delphine Forma speaks with Sulaiman Javed, Senior Counsel at Mastercard, about the legal and strategic realities behind stablecoins, tokenized deposits, interoperability, and blockchain-based financial infrastructure. Key themes: • why integration is still the biggest challenge for institutions • how stablecoins and tokenized deposits serve different roles • what makes blockchain use cases succeed in practice • the red flags legal teams should watch for in crypto projects A sharp conversation for anyone working at the intersection of payments, digital assets, and regulation.

  • March 23 · 34 min

    Inside Switzerland’s Crypto Regulation Shift

    Delphine Forma sits down with Mercedes Nieto, Chief Compliance Officer Europe and Head of Regulatory at Bitcoin Suisse, to explore how crypto firms navigate regulation across Switzerland and the EU. The conversation unpacks how Switzerland’s AML-focused SRO model works today and what firms can expect as FINMA licensing requirements evolve. Mercedes shares practical insights on preparing for MiCA, including governance, outsourcing, and market abuse considerations. She also breaks down what AML audits look like in practice and where firms are most often challenged. The episode highlights the growing complexity of cross-border compliance and the importance of aligning to the highest regulatory standards. A must-listen for compliance and legal teams operating across multiple jurisdictions.

  • March 18 · 49 min

    Scaling a Crypto Startup into a Regulated Global Player

    In this episode of Solidus Labs Compliance Champions, Delphine Forma sits down with Miguel Angel Zapatero, General Counsel at Crossmint, to explore what it takes to build a regulated stablecoin infrastructure company across jurisdictions. Miguel shares Crossmint’s journey from NFT infrastructure into stablecoin payments, including how the company approached its MiCA authorization in Spain, how PSD2 added a second regulatory layer for EMT-related services, and what it means in practice to shift from a startup mindset to a regulated financial services model. The conversation also looks at Crossmint’s global licensing strategy, including expansion plans across Europe, the UK, the US, and beyond, as well as the role of local partners, external counsel, and strong internal compliance functions in making that growth possible. This is a practical episode for legal, compliance, and policy professionals navigating crypto regulation at scale.

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