Solidus Labs

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.

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.

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.

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.