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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33 episodes
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Avg 48 min
English

Episodes 33

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Monday · 52 min
Crime Without Borders: Captagon, Fentanyl and Crypto (Part II)
In this episode of Compliance Champions, Delphine Forma, Head of Policy Europe and APAC at Solidus Labs, continues her special series with Jason Sandoval, former DEA Special Agent and VP, Head of European Operations at Asset Reality. Episode two takes listeners inside two of Jason's most remarkable investigations. The first is Operation Rogue Lion — the multinational case that traced over 45 tons of Captagon and billions in drug revenues back to Maher al-Assad and the Syrian regime, spanning 29 countries, triggering new US and European sanctions, and contributing directly to the fall of Assad. Jason explains how a single container seizure in Salerno, Italy, a Lebanese source network, and a pivotal briefing with State Department officials came together to produce a case that literally changed policy — culminating in the Captagon Act, legislation mandating an interagency response to narco-state drug trafficking. He also reveals how following the money connected the Captagon network to CJNG, the Sinaloa cartel, and shared money launderers — with crypto fingerprints on payments flowing back to the regime. The second investigation moves to Italy, where Jason's Rome office connected a dark web counterfeiter in Piacenza to a Crips gang member running a fentanyl distribution network from inside a US state prison in Cleveland, Ohio. Jason walks through how recorded calls, international search warrants, and Bitcoin transaction analysis led to 19 arrests across two countries — and how a distribution-resulting-in-death charge was built from a call where a supplier coached a customer through the fentanyl formula that had already killed someone. Rounding out the episode: Jason's defining moment in Charleston, South Carolina, where a seemingly ordinary dark web dealer turned out to be sitting on 150 Bitcoin across five Ledger wallets — selling synthetic drugs to 24 states and two foreign jurisdictions from a small duplex, using the US Postal Service as his unwitting distributor. A case that became his wake-up call about how technology, crypto, and synthetic drugs are fundamentally transforming both the criminal landscape and what investigators need to do to keep up. A gripping, unfiltered conversation for compliance professionals, financial crime investigators, and anyone who wants to understand what crime without borders really looks like — and why following the money across cartels, regimes, and crypto is the only way to get ahead of it.
October 28 · 48 min
Following the Money: From Cartels to Crypto (Part I)
In this episode of Compliance Champions, Delphine Forma, Head of Policy Europe and APAC at Solidus Labs, continues her special series with Jason Sandoval, former DEA Special Agent and VP, Head of European Operations at Asset Reality. Drawing on a 30-year career in intelligence and law enforcement, Jason takes us inside his investigations into "El Chapo" Guzmán and the Sinaloa cartel, sharing firsthand insights into how criminal organisations operate, move money and adapt to new technologies. From tracing cartel assets through property records and investigating traditional money laundering networks to the growing use of cryptocurrencies, the conversation explores the challenges of following illicit financial flows across borders and why international law enforcement cooperation remains critical
October 20 · 50 min
From Intelligence to Action: Inside the Fight Against Financial Crime
In this episode of Compliance Champions, Delphine Forma, Head of Policy at Solidus Labs, speaks with Toms Platacis, Head of Latvia's Financial Intelligence Unit and Head of Delegation to both MONEYVAL and FATF — one of Europe's most experienced financial intelligence authorities and a leading voice in the global AML/CFT community. They explore how financial crime has evolved in practice — how funds now move fluidly across banks, payment providers, crypto exchanges, self-hosted wallets, money mules, and DeFi protocols, and what that means for how FIUs investigate, coordinate, and share intelligence. Toms shares concrete typologies and real investigative examples that illustrate how the threat landscape is shifting, including the most common crypto-related money laundering and sanctions circumvention patterns Latvia is seeing on the ground today. The conversation goes deep on digital assets — addressing the persistent misconception that crypto is the criminal's tool of choice, and exploring cases where blockchain transparency has actually made investigators' work easier rather than harder. They also tackle DeFi, including Latvia's practical approach to arrangements that present as decentralised but involve identifiable controlling parties, and whether DeFi is already featuring in live investigations. Rounding out the episode: how Latvia's strong public-private partnership model works and why it matters, how international FIU cooperation functions in practice, and what it meant for Latvia to be the first country assessed under FATF's new mutual evaluation methodology — with hard-won advice for any authority preparing for their own evaluation. A frank, experience-led conversation for compliance professionals, financial crime investigators, and policymakers who want to understand what effective financial intelligence really looks like — and where the fight against financial crime is heading next.
October 14 · 44 min
The Republic of OnChain: Taiwan’s Digital Asset Ambition
In this episode of Compliance Champions, Delphine Forma speaks with Dr. Ju-Chun Ko, Member of Taiwan’s Legislative Yuan and one of the lead sponsors behind Taiwan’s Virtual Asset Service Provider Act and AI Basic Act. They discuss Taiwan’s move from AML registration towards a full licensing framework for digital asset businesses, the challenges posed by fraud and financial crime, and the opportunities around stablecoins, tokenisation and tokenised securities. The conversation also explores Taiwan’s approach to AI regulation and how the country can combine its strengths in technology, semiconductors and capital markets to build its next chapter in digital finance. A sharp, forward-looking conversation for compliance professionals, policymakers, and business leaders tracking how Asia's most technologically advanced economies are building the regulatory foundations for the next phase of digital finance.
October 12 · 42 min
From TradFi to Crypto: Rethinking Market Surveillance
Join Delphine Forma, Head of Policy APAC & Europe at Solidus Labs, as she sits down with Alex Tsilipanos, Head of Market Surveillance at Perpetuals.com — a regulated MTF bringing institutional-grade infrastructure to crypto perpetual futures. They unpack what it really takes to build a market surveillance function from scratch for crypto perps trading — from detecting funding rate manipulation and cross-venues abuse, to combining on-chain and off-chain data into a single surveillance framework. Drawing on years of experience at Interactive Brokers and now at the frontier of crypto derivatives, Alex brings a rare practitioner's perspective on one of compliance's most technically demanding disciplines.
September 29 · 38 min
Ready, Willing and Organised: Inside the FCA’s New Crypto Regime
In this episode of Compliance Champions, Delphine Forma speaks with Val Smith, Head of Payments and Digital Assets Authorisations at the FCA, about the UK’s transition from AML registration to full FSMA authorisation for crypto firms. Val explains what the FCA will look for when assessing applications, what it means to be “ready, willing and organised,” and what the FCA has learned so far from its Pre-Application Support Service. They also discuss realistic authorisation timelines and what can slow the process down. The conversation also covers MARC and market abuse surveillance, including the FCA’s expectation that effective surveillance considers both on- and off-chain activity, as well as orders, transaction flows and communications. Finally, they explore what the FCA expects from international crypto firms operating global models, including UK presence, governance and the ability to demonstrate that UK regulatory standards can be met on an ongoing basis.
September 21 · 34 min
Building Trust at Network Speed: Inside Stablecoin Compliance
In this episode of Compliance Champions, Delphine Forma speaks with Sugandhi Govil, Director Compliance, APAC at Circle, about what it takes to build trust and operate a compliance programme for regulated stablecoins — from governance and compliance by design to managing financial-crime risk at network speed. They explore how the speed and transparency of blockchain networks shape compliance, providing visibility into risks beyond an issuer’s direct customer relationships and enabling secondary-market monitoring and faster identification of emerging typologies. They also discuss why effective risk management requires collaboration across the ecosystem and how blockchain analytics and AI are changing financial-crime monitoring and investigations. Finally, Delphine and Sugandhi look at the evolving regulatory landscape across APAC, including growing convergence around governance, reserve backing, transparency and AML/CFT controls, and why regulated stablecoin issuers should not simply be viewed through the same lens as the broader crypto ecosystem.
September 18 · 52 min
SEC Commissioner Hester Peirce on What’s Next [Bonus DACOM 2026 Episode]
In this special episode, recorded for DACOM NYC 2026, SEC Commissioner Hester Peirce joins Solidus Labs’ CXO Chen Arad to explore her journey, the landmark rulemaking work underway, how that work connects to broader capital markets reform, and her reflections on what has changed and what still needs to be done. In 2019, Solidus had the honor of hosting SEC Commissioner Hester Peirce as a keynote speaker at the inaugural DACOM NY Summit. At a time when the SEC was repeatedly rejecting Bitcoin ETF applications and regulation by enforcement was the norm, Commissioner Peirce emerged as a principled dissenting voice within the agency, earning her the iconic nickname "Crypto Mom." In November this year, she will be departing her role, leaving an agency with a completely different posture towards digital assets and innovation. Over the past eighteen months as head of the SEC's Crypto Task Force, she has steered a significant shift in the agency's approach: from regulation by enforcement toward fit-for-purpose frameworks, industry engagement, and realistic compliance paths.
September 15 · 41 min
Beyond Stablecoins: Inside Japan's Tokenized Deposit Revolution
Join Delphine Forma, Head of Policy Europe at Solidus Labs, as she sits down with Mai Kaneko, International Business Lead at DCP — the company behind the DCJPY Network, Japan's multi-bank tokenised deposit infrastructure. They explore one of the most consequential and least understood developments in digital finance — the rise of tokenised deposits as a distinct and complementary form of digital money. Drawing on Japan's position as one of the first markets where tokenised deposits are becoming a commercial reality, Mai brings a rare insider perspective on what it takes to build shared financial infrastructure across competing banks, regulators, and borders.
September 7 · 39 min
Inside Korea’s Digital Asset Market: Regulation, Market Integrity and the Road Ahead
Join Delphine Forma, Head of Policy APAC & Europe at Solidus Labs, as she sits down with Jackie Baek, Compliance Head of Korea at Crypto.com, to explore what it actually takes to operate in one of the world’s largest and most distinctive digital asset markets Korea combines extraordinary retail participation with stringent regulatory requirements and an increasingly sophisticated approach to market integrity. From VASP registration and the real-name bank account system to AML, market abuse, institutional participation and tokenized securities, Jackie takes us inside how the Korean market works today and where it is heading next.
September 2 · 49 min
Beyond Policies: Building an AML Programme That Works
What does it take to build an AML programme that actually works in practice? In this episode of Compliance Champions, Delphine Forma speaks with Tigran Rostomyan, Founder & CEO of AML Incubator, about Canada's AML framework for crypto businesses and the practical realities of building an effective compliance programme. Tigran explains how FINTRAC registration interacts with Canada's securities framework, the five core components of an AML programme, and why the risk assessment should be the foundation for the controls a firm puts in place. The conversation explores the practical challenges of the Travel Rule, including unhosted wallets and missing counterparty information, as well as how firms can build effective transaction monitoring by bringing together KYC, customer behaviour, fiat and crypto activity, blockchain analytics and sanctions screening. Delphine and Tigran also discuss key crypto financial crime typologies, suspicious transaction reporting and examination readiness, with a recurring theme throughout the conversation: having policies is not enough. Firms need to demonstrate that their AML controls are risk-based, properly implemented and effective in practice.
September 1 · 59 min
Inside Canada's Crypto Rulebook: Crypto Contracts, Market Structure and Tokenization
In this episode of Compliance Champions, Delphine Forma speaks with Torstein Braaten, Chief Compliance Officer at Canada Stablecorp and Managing Director at Eskay Capital, about Canada's distinctive approach to digital asset regulation. Rather than regulating crypto-assets themselves, Canada has built its framework around the concept of the crypto contract, a unique legal approach that shapes everything from licensing and custody to market structure and investor protection. Together, they explore how Canada's regulatory framework has evolved, why understanding a firm's business model is just as important as understanding the assets it offers, and how the market is preparing for the next phase of tokenization.
August 25 · 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.

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