Regulatory Navigation: Eugene Ng on Building Compliant Crypto Businesses Across Global Markets

In the early days of cryptocurrency, regulatory compliance was often an afterthought for many founders and projects. Fast forward to today, and the landscape has transformed dramatically: jurisdictions worldwide have developed complex frameworks governing digital assets, making regulatory navigation a critical competency for successful crypto businesses.

Few industry leaders understand this evolution better than Eugene Ng, who has established multiple regulated crypto ventures across some of the world’s most sophisticated financial jurisdictions. “During his time in the digital assets industry, Eugene managed to build regulated offerings through obtaining the registered fund management (RMFC) license from the Monetary Authority of Singapore (MAS),” notes a colleague familiar with his regulatory achievements.

This regulatory-first approach has become a hallmark of Ng’s business strategy, setting him apart in an industry that has sometimes been reluctant to embrace regulatory oversight.

From Trading Desks to Regulatory Expertise

With close to 15 years of experience spanning global investment banks, fintech startups, and cryptocurrency ventures, Ng brings a unique perspective to crypto regulation. His career trajectory—trading derivatives at Barclays, Deutsche Bank and Citibank before co-founding regulated crypto businesses—has given him insight into both traditional financial regulation and the emerging frameworks governing digital assets.

“He spent more than 10 years trading derivatives across Barclays, Deutsche Bank and Citibank, where he was critical to the bank’s drive for innovation,” explains an industry observer. This background in highly regulated traditional markets provided Ng with a foundation for navigating the complex regulatory landscape of cryptocurrency.

At OpenEden, a leading real-world asset tokenization platform he co-founded, Ng spearheaded the regulatory strategy that led to the company becoming “the first fintech project in Asia to obtain the Bermuda Digital Asset Business Act (DABA) license.” This achievement demonstrated his ability to navigate complex regulatory environments and secure formal recognition for innovative crypto business models.

The Global Regulatory Patchwork

Cryptocurrency regulations vary significantly across countries, with some embracing digital assets and others imposing strict controls. This global fragmentation creates significant challenges for businesses looking to operate across multiple jurisdictions.

“Singapore has some very thoughtful regulations around cryptocurrency,” Ng observes, highlighting the city-state’s balanced approach. “It has always been a very pivotal role in Asia, driving a very thoughtful way of paving for regulated firms to operate.”

This perspective reflects Ng’s experience building businesses in Singapore, where he successfully obtained the registered fund management license from the Monetary Authority of Singapore. The process required navigating one of Asia’s most sophisticated regulatory frameworks—a challenge Ng embraced rather than avoided. His regulatory achievements extend beyond Singapore to Bermuda, where OpenEden secured the Digital Asset Business Act license. This multi-jurisdictional approach reflects Ng’s understanding that different regulatory frameworks offer unique advantages for different aspects of crypto business operations.

Building Bridges with Regulators

For Ng, successful regulatory navigation begins with proactive engagement rather than reactive compliance. “We like regulations. We welcome that,” he explains, describing an approach that views regulators as potential partners rather than adversaries. This collaborative mindset has enabled Ng to build relationships with regulatory bodies and secure partnerships with regulated financial institutions. At OpenEden, he “spearheaded key partnerships with Standard Chartered Bank’s Zodia Custody, State Street, Bank of New York Mellon, Ripple and Moody’s Ratings”—relationships that required demonstrating robust compliance capabilities.

The strategy extends to his work at DWF Labs, a leading high-frequency trading and market-making firm in digital assets that he co-founded. There, Ng has implemented compliance frameworks that enable the firm to work with “more than 700 projects supporting over 20% of the industry”—a scale that would be impossible without careful attention to regulatory requirements.

AML and KYC: The Foundation of Compliance

Enhanced anti-money laundering (AML) and Know Your Customer (KYC) requirements have become standard across jurisdictions, creating a baseline for regulatory compliance in the crypto industry. For Ng, these requirements are not merely boxes to check but essential components of a sustainable business model.

When asked about the questions that institutional investors consistently raise, Ng identifies “How secure are you guys? Do you guys actually have compliance policies in place? How do you look at KYC/AML?” as primary concerns. His ability to address these questions convincingly has been crucial to attracting institutional participation in his ventures. This focus on fundamental compliance measures reflects Ng’s broader vision for cryptocurrency adoption. Rather than seeking to circumvent regulations designed to prevent illicit activities, he has built businesses that implement robust AML and KYC procedures as a foundation for growth and institutional acceptance.

Navigating New Asset Categories

Particularly challenging for regulators and businesses alike has been the classification and oversight of novel crypto asset categories. From stablecoins to decentralized finance (DeFi) protocols, new innovations constantly test the boundaries of existing regulatory frameworks.

Ng has navigated these challenges by focusing on clear use cases that align with established regulatory principles. At OpenEden, the focus on tokenizing traditional financial securities provided a clearer regulatory pathway than more exotic crypto applications might have faced. “We built the first tokenized vault on the blockchain using smart contract technologies to tokenized traditional financial securities,” Ng explains, describing OpenEden’s core innovation. This approach—applying blockchain technology to well-understood financial instruments—creates regulatory clarity that more novel applications might lack.

Similarly, at DWF Labs, Ng has focused on providing liquidity and market-making services—functions that have clear parallels in traditional finance and therefore more established regulatory frameworks. This strategic focus has enabled the firm to scale rapidly while maintaining regulatory compliance.

The Regulatory Horizon

Looking forward, Ng anticipates continued evolution of the regulatory landscape governing cryptocurrency and digital assets. He sees a trend toward greater standardization across jurisdictions, though complete uniformity remains distant. “Staying informed about regulatory developments and implementing compliance measures is crucial for market makers,” Ng observes, highlighting the dynamic nature of crypto regulation. This perspective reflects his ongoing commitment to regulatory awareness and adaptation.

For entrepreneurs building in the space, Ng emphasizes the importance of regulatory planning from the outset rather than as an afterthought.

This proactive approach has defined his own ventures, which have secured regulatory approval in multiple jurisdictions and established partnerships with regulated financial institutions.

Institutional Adoption and Regulatory Clarity

Ng sees a clear connection between regulatory clarity and institutional adoption of digital assets. “As the crypto industry evolves, market makers must navigate regulatory challenges and ensure compliance with emerging frameworks to maintain market stability,” he notes.

This perspective is informed by his experience at Gemini, where he led business development and partnerships in the Asia Pacific region. There, he observed firsthand how regulatory compliance could serve as a competitive advantage rather than a hindrance, particularly when dealing with institutional clients.

“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 explains. “So many a times they will say, ‘Hey, look, Eugene, we want to be buying bitcoin from you guys because you guys are obviously a very regulated and secure exchange.'” This feedback validated Ng’s regulatory-first approach, demonstrating that compliance can be a business accelerator rather than merely a cost center. By prioritizing security, transparency, and adherence to regulatory standards, his ventures have attracted institutional participation that might otherwise remain on the sidelines.

A Blueprint for Compliant Innovation

Through his work across multiple ventures and jurisdictions, Eugene Ng has developed something of a blueprint for building compliant crypto businesses in a fragmented global regulatory landscape.

First, he emphasizes the importance of understanding the specific requirements of each jurisdiction where a business operates. His success in securing licenses in both Singapore and Bermuda demonstrates this jurisdictional specialization.

Second, he advocates for embedding compliance into business operations from the beginning rather than treating it as an afterthought. This approach has enabled his ventures to scale without facing regulatory roadblocks that might otherwise impede growth.

Finally, he highlights the value of partnerships with established financial institutions as both a validation of compliance standards and a pathway to broader adoption. From Standard Chartered Bank to State Street, the relationships Ng has cultivated reflect his commitment to building bridges between traditional finance and cryptocurrency innovation. As regulatory frameworks continue to evolve, Ng’s approach offers a model for entrepreneurs looking to build sustainable, compliant businesses in the digital asset space. By embracing rather than avoiding regulation, he has positioned his ventures for long-term success in an increasingly regulated industry landscape.

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Simone Reed

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