Delphine Forma
Head of Policy Europe at Solidus Labs
Delphine, your career spans compliance and legal strategy across traditional banks, regulators, and crypto companies. Looking back, what first drew you to this field, and what continues to keep you engaged in it today?
I’ve always believed in human rights and improving the world we live in, which led me to study political science at Sciences Po alongside law. I became especially passionate about constitutional law because it shapes political systems and our society. Moreover, I studied human rights law in the US and did internships at major international organisations, including the Council of Europe, Eurojust, and Interpol.
If you’re wondering how I ended up in the private sector, it is because I grew disappointed by how little impact international organisations can sometimes have. They have to balance so many political opinions that the outcome can look “politically correct,” but with limited real effect. So I chose a different angle: fighting financial crime. When you cut money from criminals, the impact is tangible and direct.
I started in banking, but was frustrated by slow decision-making and siloed work. My first exposure to Bitcoin was in Japan in 2012, at a meetup, which was fascinating, even though the interfaces looked poor in quality and a bit dodgy. Then in 2017, while working at HSBC, I saw banks experimenting with blockchain to streamline trade finance operations. That pushed me to explore more, which ultimately led to quitting my job in London and moving to Zug to become Global Head of Compliance at a crypto exchange, starting their global compliance programme from scratch and managing the regulatory strategy across many different countries.
What keeps me engaged are still the same desires: helping others, advocating for better regulations, fighting financial crime, and trying to contribute to a better world, as utopian as that may sound.
Indeed, sometimes you only find yourself by taking a different route. Given that compliance is still an uncommon career path for women, especially in finance, have there been moments when being a woman shaped how your expertise or authority was perceived, either positively or negatively?
Interestingly, in banking, compliance and legal functions are often dominated by women, even though top management still tends to be male. In crypto, I was surprised to see almost the opposite: compliance and legal felt much more male-oriented than I expected.
Yes, negative perceptions did come up. Switzerland may look very progressive from the outside, but is not always so when it comes to women at work. In senior roles, there is still a preference for older white men, and competing as a foreign woman for top jobs can be very challenging. I was also lucky to be interviewed by another woman who supported my candidacy for the Swiss CCO role at BitMEX.I will always be grateful to her, and I would like to mention her here: Emma Bousfield. She showed me how important it is to support each other.
On the positive side, the crypto industry, even if still male-dominated, is very inclusive and supportive, which is honestly refreshing compared to traditional finance. And yes, I’ll say it openly: being an attractive woman can sometimes help when you know how to use it, and I wish someone had told me that earlier in my career.
Those experiences also taught me that women need to support each other more intentionally, the way men often do. I wish I had joined women’s communities earlier in my career. Becoming active in the Association for Women in Cryptocurrency, where I’m an ambassador, has been one of the most supportive moves I’ve made.
Communities and people come up a lot in your story. Looking back, how did they help you start owning your voice as a leader in compliance? And what less obvious barriers would you say still hold women back from senior roles in compliance across finance?
To be honest, confidence has never been my strongest skill. I usually feel like what I’m doing is not enough, and that I could always do more.
That said, over the past few years, I have felt more confident, and my compliance and legal community certainly played a big role in that. When I first moved into crypto in January 2018, I felt very lonely, constantly questioning whether I was making the right decisions, interpreting legal requirements correctly, and striking the right balance between business needs and compliance.
This is why I built my Crypto Compliance and Legal Community on Telegram. We share best practices, exchange templates for policies, procedures, and training, and pressure-test decisions together. With more than 2,800 members today, we track regulatory updates globally and compare interpretations across jurisdictions. It is super powerful. And I would like to thank all my members for their contributions.
Another big step was becoming more public about my work. Eighteen months ago, I started a podcast on MiCA, interviewing regulators, CCOs, and CLOs to go deep into policy, licensing and compliance operations. In January 2025, I launched a more global series with regulators and senior compliance leaders across different countries. And to put it bluntly, when people started reaching out for advice — training, webinars, conferences — that also helped me own my voice.
As for barriers, a lot comes down to confidence. Many women I know are like me: we think we are not good enough, while men tend to just go for it. And, as I mentioned earlier, we do not always support each other as intentionally as men do.
Much of what you describe comes down to people and culture, but what about the other side — rules? Given your work with regulators and policymakers, can regulation make financial and crypto markets more inclusive, and where might it create new obstacles?
Truthfully, I do not think the law can or should be the final solution here. The real path forward lies with the people in the industry, and I genuinely believe crypto has achieved a rather good balance overall because it is open and inclusive.
The lack of women is not really due to the community being “not inclusive.” It sits deeper, in cultural roots as for a long time, girls were not encouraged to go into tech.
Yet, that is changing with the younger generation.
Thank you for that clarity! Finally, when you look at the next generation of women entering compliance, policy, and regulatory roles in finance and crypto, what will matter most for their long-term success?
I would say: trust yourself, be bold, and be confident.
In crypto, you will often get pushback. Sometimes it is justified and makes you think differently; sometimes it is not. The key is to become a trusted partner to the business. They need to see you as an ally, so you are involved early in strategic product decisions. That is essential for building successful companies.
Do not hesitate to reach out to other women and ask for help and support. Women often say, “How can I help you?” more easily than “Please help me.” So, build that habit.
Also, network with your peers, your community makes you stronger. Get out there and attend community events, as in crypto, staying open-minded, curious, and creative is more essential than ever.
