When Eugene Ng was building Gemini's business across Asia-Pacific in 2020-2021, he witnessed something that Western headlines consistently missed: the institutional conversation about cryptocurrency wasn't happening the same way it was in New York or London.
After spending over a decade trading derivatives at Barclays, Deutsche Bank, and Citibank, Eugene Ng transitioned to cryptocurrency leadership—first at Matrixport, then as Gemini's Head of Business Development for APAC. His role involved direct engagement with "sovereign wealth funds, pensions, insurance companies and regional banks" across Singapore, Hong Kong, Australia, and the broader region.
What emerged from those conversations reveals fundamental differences in how Asia approaches digital assets compared to the West—differences that extend beyond regulatory variations to encompass institutional structure, capital deployment patterns, and use case prioritization.
Collaboration Over Confrontation
The contrast between U.S. and Asian crypto regulation is stark. In the United States, regulation has evolved primarily through enforcement actions and lawsuits. The SEC pursues major exchanges through litigation. Congressional hearings turn adversarial.
Asia's major financial centers have taken a different path—emphasizing clarity and collaboration.
Singapore's Monetary Authority has licensed 19 crypto service providers under its Payment Services Act, creating clear standards without restricting legitimate business. From Ng's perspective at Gemini: "The ethos of Gemini really is to work with regulations. We like regulations. We welcome that. And that's the reason why we feel like Singapore is going to drive this innovation in a very meaningful way."
He continued: "Singapore, ideally, it has the right infrastructure. It has the skilled workforce. It's got the right supportive regulations. And with that sort of regime, it's going to be really healthy for cryptocurrency companies like us."
Hong Kong reversed course dramatically after initially pulling back during China's 2021 crackdown. By 2023, the Securities and Futures Commission introduced a licensing regime allowing exchanges to serve retail clients. By early 2025, Hong Kong had issued at least 9 exchange licenses and announced plans to expand coverage to crypto derivatives trading. Financial Secretary Paul Chan publicly committed to "embracing Web3 and digital assets" with a "clear but facilitative regulatory framework."
Dubai's Virtual Assets Regulatory Authority has licensed approximately 30 crypto firms by 2025, including Deribit's first regulated derivatives exchange, creating clear pathways rather than restrictions.
This collaborative approach allows innovation within defined boundaries rather than forcing activity offshore. For the conservative, compliance-focused institutions Ng engaged with, regulatory clarity isn't a constraint—it's a prerequisite for participation.
The Family Office Dynamic
Western analysis of institutional crypto adoption typically centers on pension funds and university endowments—institutions making small allocations after lengthy committee deliberations.
Asia's institutional landscape is structured differently, with family offices playing a more central role.
Eugene observed this directly: "One of the things unique to Asia is that 40% of the average Asian portfolio actually sits in cash and alternative assets. That is a significant chunk of any portfolio that is essentially in play for cryptocurrency, digital assets, alternative assets."
Family offices—representing Asia's entrepreneurial and industrial wealth—can move with discretion and speed that Western pension funds cannot.
"Generally speaking, the larger the institution, there is going to be a lot more of a formal processing. And they're probably going to move a lot slower. With respect to a family office or an office where there is more discretion and they can be more nimble," Ng noted.
During his tenure building Gemini's APAC business, the results bore this out. As "first key hire for Business Development and Partnerships," he grew the team from one to eight. "Asia as a region overtook as the fastest growing region in the firm and led two of the firm's largest banking partnerships globally with a pipeline of $50-75mil of annualized revenue in 2022."
The cultural dimension adds another layer. Ng shared a revealing anecdote about an institutional contact pushing crypto initiatives who initially faced "a lot of resistance... He got so much from his colleagues and coworkers and his bosses."
Six months later, the situation had completely reversed: "Today, he's essentially telling me that everybody has been flooding his email address... Today, he's getting so many people, even guys who are more senior than him, send him emails requesting for his time... He's become from a not so popular guy in the firm to a very popular guy—almost a celebrity status—because everybody wants his time."
This networking effect—where one respected allocator's move triggers broader interest—accelerates adoption in Asia differently than the methodical Western institutional approach. In Asia, relationships (guanxi) drive business in ways that formalized Western processes often don't capture.
Diverse Use Cases Beyond Speculation
Western institutional interest has centered primarily on speculation—accessing crypto for portfolio diversification or uncorrelated returns. Asia's engagement extends beyond pure speculation into practical applications.
When institutions asked about options beyond Bitcoin, Ng responded: "With the innovation that we're seeing in crypto space today, you don't just buy bitcoin and hold it, there are so many other use cases, you can invest in interest-bearing product—it's more than just diversifying and it's becoming more of an investment."
This diversity means Asia's crypto sector isn't solely dependent on price appreciation. Cross-border payments represent genuine utility in a region with massive remittance flows. Stablecoin adoption has grown in Southeast Asia where currency volatility makes dollar-pegged digital assets attractive for everyday transactions. Tokenization of real-world assets is advancing particularly in Singapore.
Even during the 2022-2023 bear market, Singapore continued licensing exchanges, Hong Kong developed its regulatory framework, and family offices maintained interest in structured products.
Competitive Dynamics That Elevate Standards
Singapore moved first with comprehensive crypto regulations. Hong Kong responded by positioning itself as a "Web3 hub" to compete. Dubai entered with VARA, attracting firms frustrated with uncertainty elsewhere.
This regulatory competition raises standards while maintaining innovation-friendly environments.
Ng welcomed this dynamic: "I'm not surprised, given that Singapore is positioning itself as a crypto fintech hub in Asia Pacific. So you're obviously going to be seeing a lot of new entrants and players... We welcomed it. As the saying goes, a rising tide lifts all boats... It's a very nascent market in early stages. So there's no real competition and we embrace that."
When Singapore succeeds with a particular approach, Hong Kong finds differentiated angles. When Dubai offers zero-tax free zones, Singapore emphasizes its deeper capital markets infrastructure. Each jurisdiction pushes the others to improve.
Compare this to the U.S., where federal uncertainty overrides state innovation, or Europe, where MiCA harmonizes but potentially stifles experimentation. Asia's multi-hub competition may prove optimal for sustained innovation.
The Dramatic Attitude Shift
The most striking observation from Ng's time building institutional relationships was the speed of attitude change.
"When I first spoke with institutions six months ago, the response was very lukewarm. It was 'we'll take a look when we have some time.' Fast forward today, they're actually sending us a lot of inquiries. It's all in-bound. So that's really a 180-degrees change."
He attributed this to broader legitimization: "I think that's a testimony that we have come to the inflection point where it's not just a penny sort of asset class... The type of conversations, a lot deeper, a lot more thoughtful and 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."
This acceleration reflects institutional recognition that crypto has evolved from speculative novelty to legitimate asset class requiring strategic response.
The Path Forward
By 2025, several pieces are in place for Asia to potentially match or exceed the West as a center for institutional crypto activity: clear regulatory frameworks in key jurisdictions, deep pools of private wealth that can deploy quickly, diverse use cases beyond speculation, competitive dynamics between financial centers, and cultural factors that accelerate adoption through relationship networks.
Eugene Ng's career trajectory—from Wall Street banks to leading crypto expansion across Asia-Pacific—positioned him to observe these differences firsthand. His experience building Gemini's fastest-growing regional business and navigating multiple regulatory frameworks provides ground-level insight into how Asia's approach actually differs.
The question isn't whether Asia will "catch up" to Western crypto markets. The evidence suggests Asia is building something structurally different—and potentially more sustainable for long-term institutional participation.
