Having spent over 15 years navigating the intersection of traditional finance and digital assets across multiple jurisdictions, Eugene Ng has witnessed firsthand how regulatory clarity has become the single most powerful force driving capital allocation in the global cryptocurrency industry. From his early days trading derivatives at Barclays, Deutsche Bank, and Citibank to co-founding leading crypto firms and serving as Head of Business Development for APAC at Gemini, Ng’s career trajectory mirrors the evolution of an industry where regulatory arbitrage has transformed from an afterthought to a core business strategy.
“When I first started conversations with institutions six months ago, the response was very lukewarm,” Ng recalls from his time building Gemini’s Asian operations. “Fast forward today, they’re actually sending us a lot of inquiries. It’s all in-bound. That’s really a 180-degrees change, and I think that’s testimony that we have come to the inflection point where regulatory clarity matters more than ever.”
Singapore’s Regulatory Mastery: A Practitioner’s Perspective
Ng’s experience building Gemini’s operations in Singapore demonstrates why the city-state has emerged as the undisputed regulatory champion. Having worked directly with MAS’s Payment Services Act framework during Gemini’s expansion, he understands why Singapore has attracted 30 licensed crypto firms by 2025, including global heavyweights like Coinbase, Crypto.com, and OKX.
“Singapore has some very thoughtful regulations around cryptocurrency,” Ng explains, drawing from his direct experience with MAS’s approach. “It has always been a very pivotal role in Asia, driving a very thoughtful way of paving for regulated firms like Gemini to operate. The ethos of Gemini really is to work with regulations. We like regulations. We welcome that.”
This regulatory efficiency stands in sharp contrast to regional competitors. While Hong Kong issued only 7 full crypto exchange licenses by end-2024 with restrictive conditions, Singapore approved 13 licenses in 2024 alone. Ng witnessed this divergence firsthand as major exchanges like OKX and Bybit withdrew their Hong Kong applications due to operational constraints, while these same firms successfully obtained Singapore licenses.
The numbers validate Singapore’s approach: the jurisdiction captured 60% of Southeast Asia’s crypto funding in 2023 and secured 10.8% of global crypto VC deals in Q2 2024. For Ng, who helped establish regulated offerings across multiple jurisdictions, Singapore’s “same risk, same regulation” philosophy combined with proactive policy development represents the gold standard.
The High Stakes of Multi-Jurisdiction Strategy
Ng’s experience building global crypto operations across multiple jurisdictions illustrates the complex calculus of regulatory compliance. His work at Gemini, where he spearheaded go-to-market expansion strategy in Australia, Hong Kong and India, required navigating multiple regulatory frameworks simultaneously and understanding the nuanced differences between jurisdictions.
“Multi-jurisdiction regulatory compliance requires substantial investment,” Ng observes, having lived through the process of establishing compliant operations across multiple territories.
A global-scale crypto operation requires $2–5 million in setup costs over 24 months, plus $2–4 million annually in ongoing compliance expenses—costs that vary dramatically by jurisdiction.
At Gemini, where Asia became the fastest growing region in the firm with a pipeline of $50–75 million of annualized revenue in 2022, Ng demonstrated how proper regulatory positioning creates competitive advantages that justify the substantial compliance investments.
The staffing costs alone—chief compliance officer, AML specialists, and legal counsel—can reach $500,000–$800,000 annually for a 50-person company. Technology infrastructure adds another $125,000–$530,000 yearly for AML monitoring, KYC verification, and regulatory reporting systems. However, as Ng’s experience shows, these investments create “regulatory moats” that become especially valuable as enforcement increases and institutions demand compliant partners.
Institutional Adoption: The Regulatory Clarity Premium
Ng’s observations about institutional adoption align perfectly with the broader market transformation.
“When I spoke with institutions six months ago versus today, the type of conversations are a lot deeper, a lot more thoughtful,” he notes. “With news like Square, PayPal, all these big giant fintech companies talking about crypto, and banks, I’m confident that a lot of the CEOs at C-level suite management are asking what’s a digital asset strategy.”
His experience at Gemini, where Asia became the fastest growing region with a pipeline of $50–75 million of annualized revenue in 2022, demonstrates how regulatory clarity drives institutional confidence. The approval of Bitcoin ETFs has catalyzed this transformation, with professional investors holding $27.4 billion by Q4 2024—a 114% increase from Q3.
“One of the things that they really want to figure out is the custody of the assets—who exactly holds these assets,” Ng explains, drawing from countless institutional conversations. “If I’m going to be trading on Gemini, who is it that is exactly holding? So that’s the number one concern that most investors have.”
This custody concern reflects the broader institutional need for regulatory certainty. Ng’s experience building institutional relationships at Gemini addresses exactly these requirements, demonstrating how regulatory compliance enables traditional finance integration.
Enforcement Actions Create Winners and Losers
Having operated during periods of both regulatory uncertainty and enforcement escalation, Ng understands how regulatory action creates opportunities in compliant jurisdictions. Binance’s $4.3 billion US settlement and subsequent pivot to Dubai operations under VARA licensing exemplifies how enforcement in one jurisdiction creates opportunities in others.
The stark contrast between US enforcement and Dubai’s innovation-focused approach demonstrates how regulatory environments can make or break global crypto businesses. Ng’s experience building regulated operations positioned his firms to benefit from this regulatory arbitrage, as institutional investors increasingly demand compliant counterparties.
“A lot of these financial institutions feel very much comfortable with Gemini, because of our regulations and the fact that we play by the rules,” Ng notes.
This regulatory positioning becomes particularly valuable as enforcement actions validate the investment in proper licensing and compliance infrastructure.
The Future of Regulatory Competition
Ng’s perspective on regulatory evolution reflects his experience across multiple regulatory cycles. Countries increasingly compete for crypto businesses through favorable regulatory frameworks, creating what he calls a “race to the top” in regulatory sophistication. The UAE scores 79/100 in crypto adoption rankings, Switzerland 78/100, and South Korea 73.5/100, while the US risks losing ground due to regulatory uncertainty.
His experience establishing Gemini as the first North American exchange to launch bitcoin and ethereum Singapore dollar fiat pairings demonstrates how regulatory compliance creates market access opportunities. Similarly, his work during Gemini’s international expansion shows how clear regulatory frameworks enable innovation.
“The tradition of popular 60-40 is not going to play out,” Ng observes, referring to traditional portfolio allocation. “Having a small allocation whether there is 0.1% to 5%, it all makes sense. And we are starting to hear and have that sort of conversations with a lot of different persons.”
Conclusion: Smart Money Follows Smart Regulation
Eugene Ng’s career trajectory—from traditional finance derivatives trader to crypto entrepreneur successfully navigating multiple regulatory frameworks—embodies the transformation of an industry where regulatory clarity has become the ultimate competitive advantage. His experience obtaining licenses across jurisdictions, building institutional partnerships, and growing assets under management in regulated environments demonstrates a fundamental truth: smart money doesn’t just follow returns—it follows smart regulation.
As the global crypto economy matures, Ng’s insights reveal that regulatory arbitrage represents the intersection of policy innovation and capital efficiency, where billion-dollar business decisions turn on the quality of legal frameworks and the competence of regulatory authorities. For practitioners like Ng who have successfully navigated this landscape, the future belongs to jurisdictions that balance innovation promotion with appropriate risk management—and the businesses positioned to operate within those frameworks.
