Solidus Labs

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.

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.

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.

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.

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.