You can not do regenerative braking with that wheel - but not for electronic reasons. The problem is mechanical.
That wheel will have a freewheel mechanism in it - otherwise it wouldn't rotate freely when pedaling without power. As soon as you apply any braking torque or if the bike runs faster than the motor the wheel will freewheel.
Figure 1. Example of a freewheel mechanism.
To confirm this with your wheel you should be able to freely spin the axle in one direction but not in the other.
I am an eBike user. I reckon I spend < 15 s braking on my 20 minute rural commute. The complexity of regen braking isn't worth it.