When adjusted crypto crime volume jumps from roughly $123 million in 2020 to more than $103 billion in 2025, you know the landscape has shifted dramatically. That kind of growth does not happen quietly. It forces companies, regulators and law enforcement to rethink how they work together. In the middle of this escalation, TRM Labs has brought in former Monetary Authority of Singapore official Ziqing Ang as Head of Policy for Asia-Pacific. Her move feels timely, almost inevitable once you look at the numbers and the regional challenges stacking up.
Why This Appointment Matters Now
TRM Labs tracks illicit activity across blockchain networks and supplies intelligence that helps authorities and institutions respond. Appointing someone with deep regulatory roots in Singapore signals a clear priority: stronger engagement with policymakers and law enforcement across the region. Ang will focus on illicit financial networks and the policy responses taking shape as governments write rules for digital assets and artificial intelligence.
I have watched similar hires over the past couple of years and they usually follow a pattern. Firms realize that technical tools alone are not enough. You need people who understand how regulators think and how private institutions actually operate. Ang brings exactly that mix. More than eight years at MAS, followed by roles in regulated digital asset banking and institutional brokerage, give her a rare perspective.
The Scale Of Crypto Crime In Recent Years
The jump in tracked crime volume is hard to ignore. From about $123 million in 2020 to over $103 billion in 2025, the increase reflects both better detection and a genuine rise in sophisticated operations. Investment scams, including those often called pig-butchering schemes, made up 62 percent of fraud inflows last year. That single category dominates the picture.
Generative AI has accelerated the problem. TRM recorded a 40 percent rise in AI-enabled scam activity. Criminal groups now use deepfake recruitment videos and fabricated account dashboards as standard tools rather than experimental add-ons. The technology lowers the cost of running large-scale fraud while raising the difficulty of spotting it early.
In my view, the combination of high-volume investment fraud and AI tooling creates a different kind of threat than earlier waves of ransomware or simple theft. These operations often blend social engineering with polished digital interfaces that look legitimate to ordinary users. Victims can lose significant sums before realizing the platform was never real.
Ang’s Path From Regulator To Industry
Ang spent more than eight years at the Monetary Authority of Singapore. Her work covered financial markets development and reserve management. She collaborated with industry participants and public-sector colleagues on initiatives linked to Singapore’s capital markets and its position as an international financial center. Later she managed fixed-income portfolios and contributed to macroeconomic and investment research tied to the country’s official foreign reserves.
After leaving the regulator she joined Sygnum, known for its regulated digital asset banking model, as vice president of business development. There she supported adoption among institutional and accredited investors. Most recently she served as chief business officer at Bright Point International Digital Assets, part of BPI Financial Group. In that role she led the development of over-the-counter brokerage operations, handling licensing and the institutional infrastructure required to run the business.
That trajectory is useful. She has seen policy from the inside and then tested how those policies land in commercial settings. Ari Redbord, TRM Labs’ global head of policy, highlighted exactly this point when the appointment was announced.
This is a moment when the public and private sectors must come together to get ahead of the threats emerging in this region. Ziqing brings deep expertise and experience working across both the public and private sectors, and the credibility to bring regulators and industry together around this work.
The comment captures the practical value of her background. Credibility with both sides can reduce friction when intelligence needs to move quickly between private firms and official agencies.
Singapore’s Ongoing Regulatory Pressure
The appointment arrives while Singapore continues to tighten oversight of digital asset firms. Earlier this year the Monetary Authority of Singapore revoked a Major Payment Institution license after finding weaknesses in risk management, conflicts of interest and outsourcing arrangements. The regulator also determined that false or misleading information had been provided during the application and later inspection process.
Separately, the Investor Alert List has been used to flag firms that consumers might incorrectly assume are regulated. Several platforms appeared on the list in recent months. Some responded by clarifying they never claimed local authorization and that Singapore remains a restricted market for their services. The pattern shows a consistent message: licensing requirements are enforced and public warnings form part of the toolkit.
Ang herself noted that Asia-Pacific sits at an important stage in regulating technology amid the rise of AI. Decisions made over the next few years will shape the safety of the broader ecosystem. She pointed to the value of moving between regulators and the institutions they oversee, observing how good regulation combined with strong public-private partnerships can produce better outcomes.
Scam Compounds And Cross-Border Enforcement
Investment fraud figures sit against a backdrop of continued enforcement targeting scam networks in Southeast Asia. Pig-butchering operations have been linked to large compounds and, in some cases, human trafficking. Earlier this year authorities froze hundreds of millions in cryptocurrency and seized thousands of phones during a cross-border operation aimed at groups defrauding victims abroad.
Investigations have also surfaced in other countries after reports of nationals trafficked and forced to work inside crypto scam compounds. Law enforcement cases document how funds move through conventional banking channels before conversion into stablecoins and transfer to other jurisdictions. One recent sentencing involved a network that moved tens of millions from bank accounts into digital assets after targeting victims through social media, messaging and dating platforms.
Fake dashboards designed to resemble legitimate trading platforms appear repeatedly in these cases. Some operations directed victims toward malicious mobile applications while displaying fabricated deposits and returns. The infrastructure is industrial in scale, which helps explain why the tracked crime volumes have grown so sharply.
TRM has noted that generative AI expands the toolkit available to these networks. Deepfakes and fabricated interfaces are no longer experimental. They form part of day-to-day operational infrastructure. That shift raises the bar for both detection technology and policy responses.
Building Regional Policy And Compliance Capacity
Ang’s arrival follows another recent hire at TRM. Last month the firm appointed a former MAS regulator as Head of Compliance Advisory for APAC. The company described that move as part of a broader expansion across policy, compliance and go-to-market operations in the region. Hiring officials with regulatory experience has become more common among digital asset companies expanding in Asia.
In one earlier example, a former TRM executive with more than a decade at MAS moved into a senior regional role at another digital asset firm. The flow of talent in both directions suggests the industry is maturing and that institutional knowledge of local regulatory systems is in demand.
Ang said her new position will involve working directly with regulators, law enforcement agencies and industry participants as frameworks continue to develop. She expressed interest in contributing to efforts that support responsible innovation while focusing on building a safer environment.
TRM’s focus on building a safer world is the kind of work I want to be part of, and I’m looking forward to working with regulators, law enforcement, and industry across the region to support responsible innovation.
That statement aligns with the practical realities of the current environment. Policy frameworks for digital assets and AI are still being written in many jurisdictions. Intelligence firms that can translate on-chain activity into actionable insight for officials and institutions play a useful bridging role.
What The Numbers Reveal About Fraud Patterns
Looking closer at the composition of fraud inflows is instructive. When investment scams account for 62 percent of the total, other categories necessarily take smaller shares. That concentration means resources aimed at disrupting pig-butchering style operations and similar schemes can have outsized impact.
The 40 percent increase in AI-enabled activity adds another layer. Deepfake videos used in recruitment and fabricated dashboards that mimic real trading platforms lower the barrier for running convincing campaigns. Victims encounter polished interfaces that display false profits, making it harder to walk away early.
I find the speed of adaptation notable. Criminal groups have historically been quick to adopt new tools, but generative AI appears to compress the timeline even further. Policy responses that lag technological change risk remaining permanently reactive.
Public-Private Collaboration As A Practical Necessity
Redbord’s emphasis on bringing public and private sectors together is not abstract. Intelligence about illicit networks often originates in private analytics firms. Law enforcement and regulators need reliable ways to receive, assess and act on that information. People who have worked on both sides of the table can help design processes that respect legal constraints while still moving at useful speed.
Ang’s experience managing portfolios and contributing to research at MAS, then later building institutional digital asset businesses, positions her to speak the language of both communities. That fluency matters when discussions turn to licensing frameworks, risk management standards or the practical limits of on-chain tracing.
Perhaps the most interesting aspect is timing. Asia-Pacific jurisdictions are actively shaping rules for digital assets while also confronting AI-driven fraud. The next few years will set precedents that influence how other regions approach similar questions. Having policy leads with local regulatory experience increases the chance that industry input remains constructive rather than purely defensive.
Licensing Enforcement And Market Clarity
Singapore’s recent enforcement actions illustrate a broader regional trend toward clearer licensing expectations. Revocation of a payment institution license after findings of weak risk controls and misleading information sends a strong signal. Appearance on investor alert lists, even when not itself an enforcement action, prompts firms to issue public clarifications about their regulatory status.
For legitimate operators the environment rewards those who invest early in compliance infrastructure. For bad actors the cost of operating under false pretenses of regulation rises. The combination of on-chain intelligence and traditional supervisory tools creates more points of friction for illicit networks.
Ang’s comments about the importance of decisions made over the next few years reflect this reality. Frameworks that balance innovation with safety will shape capital flows, institutional participation and consumer protection outcomes across the region.
The Human Cost Behind The Statistics
Behind the large dollar figures sit individual victims and, in some compound operations, trafficked workers forced to run scams. Cases involving nationals from various countries who accepted job offers only to find themselves in coercive environments underscore the complexity. Financial crime and human trafficking can intersect in these networks.
Law enforcement actions that freeze large sums of cryptocurrency and seize communications devices disrupt specific operations, yet the underlying model remains resilient. New compounds and recruitment pipelines continue to appear. Sustained pressure requires ongoing intelligence sharing and coordinated action across borders.
In that context, expanding the policy capacity of firms that specialize in blockchain intelligence is a logical step. Better mapping of fund flows and network structures can support investigations that ultimately free victims and recover assets.
Looking Ahead At Policy Priorities
Ang’s role will involve engagement with regulators, policymakers, law enforcement and private institutions across Asia-Pacific. The focus on illicit financial networks sits alongside the need to contribute to emerging rule sets for digital assets and AI. Those two tracks are related. Rules that improve transparency and accountability in digital asset markets can also raise the cost of running large-scale fraud.
I expect the next phase of work to emphasize practical partnership models. Intelligence platforms generate signals. Authorities need ways to prioritize and act. Institutions need clear guidance on risk management and reporting. Bridging those needs requires people who understand incentives on all sides.
The growth in tracked crime volume from 2020 to 2025 is a reminder that technological progress cuts both ways. The same openness and programmability that enable innovation also lower barriers for sophisticated fraud. Policy that ignores either side of that equation will fall short.
Key Elements Of The Current Landscape
Several factors stand out when assessing the environment Ang is entering:
- Rapid growth in adjusted crypto crime volume over five years
- Heavy concentration of fraud inflows in investment scam categories
- Rising use of generative AI tools by criminal groups
- Continued enforcement against scam compounds linked to trafficking
- Active licensing and investor alert activity in major regional jurisdictions
- Industry demand for talent with direct regulatory experience
Each of these elements interacts with the others. Higher crime volumes increase pressure on regulators to produce clearer rules. Clearer rules raise the value of compliance expertise. AI tooling forces continuous updates to detection methods. Cross-border compounds require international coordination that benefits from trusted private-sector partners.
Experience Across Public And Private Sectors
The value of Ang’s dual background becomes clearer when viewed against these pressures. Time spent inside a major regulator provides insight into how policy priorities form and how supervisory resources are allocated. Time spent building institutional digital asset businesses reveals the operational realities of licensing, risk management and client onboarding.
That combination is relatively scarce. Many professionals remain on one side of the fence for most of their careers. Those who cross over and then return or move into hybrid roles often become effective translators. In a period when frameworks are still evolving, translation capacity matters.
Her earlier work on capital markets development and reserve management also adds macroeconomic context. Understanding how digital assets sit within broader financial system stability concerns can shape more durable policy recommendations.
Implications For Industry Participants
For digital asset firms operating or expanding in Asia-Pacific, the message is straightforward. Regulatory engagement is no longer optional. Licensing standards are enforced. Public warnings about unlicensed activity continue. Firms that treat compliance as a core capability rather than a cost center are better positioned.
Intelligence partners that maintain strong relationships with both industry and official agencies can help surface emerging threats earlier. The appointment of policy leads with regulatory pedigrees suggests these firms intend to deepen those relationships rather than treat them as transactional.
In my experience, the most effective collaborations occur when private analytics capabilities and public investigative powers reinforce each other without compromising independence or legal boundaries. Achieving that balance requires ongoing dialogue and mutual understanding of constraints.
The Role Of AI In Both Threat And Response
Generative AI appears on both sides of the ledger. Criminal groups use it to create convincing recruitment material and fake interfaces. Defenders explore its potential for faster pattern recognition and anomaly detection. The net effect so far has been an expansion of the attack surface, but the defensive applications are still maturing.
Policy frameworks will need to address both uses. Rules that only constrain legitimate innovation while leaving fraud tooling unaddressed will prove incomplete. Equally, approaches that ignore the legitimate productivity gains of AI tools risk being disregarded by industry.
Ang’s observation that Asia-Pacific is at an important stage in regulating technology in the age of AI captures the dual nature of the challenge. Digital asset rules and AI governance are increasingly intertwined in practice, even if they remain separate workstreams in some official processes.
Sustaining Momentum Against Industrial-Scale Fraud
The industrial scale of certain scam compounds remains one of the more difficult problems. Freezing large sums and seizing devices disrupts individual networks, yet the model of recruiting or trafficking workers, building fake platforms and laundering proceeds has proven adaptable. Continuous intelligence on fund flows and organizational structures is required to keep pressure high.
Private firms that specialize in blockchain analysis contribute by mapping relationships that would be harder to reconstruct from traditional financial records alone. When those maps feed into coordinated law enforcement actions, results improve. The appointment of senior policy staff with local regulatory knowledge can strengthen the channels through which such information moves.
It is worth noting that success is measured not only in dollars frozen or arrests made but also in reduced victimization rates over time. That longer-term metric depends on deterrence, public awareness and the practical difficulty of operating large scam infrastructures.
A Practical Path Forward
The combination of rising crime volumes, concentrated investment fraud, AI tooling and active regulatory enforcement creates a demanding environment. Firms that invest in policy expertise with real regulatory experience are positioning themselves to contribute constructively rather than simply react.
Ang’s move from MAS through regulated digital asset institutions into a regional policy leadership role at a blockchain intelligence firm illustrates one career path that is becoming more common. The demand for such profiles is likely to continue as frameworks solidify and cross-border coordination intensifies.
Ultimately the test will be whether public-private collaboration can stay ahead of the adaptive capacity of criminal networks. The numbers from the past five years show how quickly the threat landscape can expand. The next phase of policy work across Asia-Pacific will help determine whether the response can match that pace.
For those watching the intersection of digital assets, AI and financial crime, this appointment is one data point among many. It suggests that at least some market participants recognize the need for deeper engagement with the official sector at a moment when both the stakes and the complexity continue to rise.
