Solidus Labs

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.

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.