Binance co-founder CZ backed crypto license passporting across ASEAN to simplify approvals, reduce compliance costs and encourage competition.
Binance co-founder Changpeng “CZ” Zhao backed crypto license passporting across ASEAN, arguing that firms regulated in one market should be able to enter others through a simplified approval process rather than applying from scratch.
Speaking Tuesday during the “One ASEAN, One Digital Economy” fireside chat at the ASEAN Tech Summit Manila 2026, Zhao backed an idea raised by FinTech Alliance PH founding chair Lito Villanueva for regulatory passporting or license portability. Zhao said regulators could still review applicants but should not require them to complete another full licensing application from scratch.
A regional licensing framework could reduce compliance costs, encourage competition and make it easier for crypto and stablecoin services to operate across ASEAN’s fragmented regulatory markets. Member states regulate digital assets separately, creating multiple approval processes for companies seeking a regional presence.
“I think that’s mostly a political problem,” Zhao said of cross-border coordination, adding that the technology was simple. He said allowing more licensed platforms to compete could improve services and lower costs for consumers.
ASEAN has precedents for regional passporting
ASEAN does not currently have a bloc-wide passport for crypto companies, but regional regulators have created streamlined cross-border arrangements elsewhere in finance.
The ASEAN Capital Markets Forum’s (ACMF) operates the Collective Investment Schemes Framework, which allows a fund authorized in its home jurisdiction to be offered in participating host jurisdictions through a streamlined authorization process. The framework was first operationalized in Malaysia, Singapore and Thailand in 2014, while the Philippines joined in 2021, according to the ACMF.
The forum also introduced the ACMF Pass under its Professional Mobility Framework. The arrangement lets eligible investment advisers licensed in one participating jurisdiction receive fast-track registration to provide advisory services in another without obtaining another license.
Related: Philippine bank BPI plans stablecoin payments pilot
These programs are narrower than the passporting idea Villanueva raised and Zhao supported, and remain subject to host-market requirements, but they show that ASEAN regulators have previously used mutual recognition and simplified approvals to deepen integration.
A direct crypto comparison exists in the European Union. Under the Markets in Crypto-Assets Regulation, an authorized crypto-asset service provider can use passporting rights to provide services across EU member states after notifying its home regulator of the countries and services involved.
Zhao said differences in national policies and regulatory approaches make alignment harder than building common technical rails. Still, he argued that firms already licensed in one market should face a lighter application process when entering another ASEAN jurisdiction.
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