Binance cofounder backs crypto license passporting in ASEAN
Binance cofounder backs crypto license passporting across ASEAN, arguing firms already regulated in one member market should enter others through a simplified approval process rather than starting from scratch. Speaking at the ASEAN Tech Summit in Manila, Changpeng Zhao said the shift could cut compliance costs, spur competition and ease regional expansion.
Key Takeaways
- Changpeng “CZ” Zhao endorsed crypto license passporting, or license portability, across ASEAN markets.
- He backed an idea raised by FinTech Alliance PH founding chair Lito Villanueva at the ASEAN Tech Summit Manila 2026.
- Zhao said regulators could still review applicants but should not demand a full licensing application from scratch.
- ASEAN lacks a bloc-wide crypto passport today, though capital-markets frameworks already use streamlined cross-border approvals.
- The EU’s MiCA regime offers a comparable passporting model for authorized crypto-asset service providers.
Why does CZ support crypto license passporting across ASEAN?
Speaking Tuesday during the “One ASEAN, One Digital Economy” fireside chat, Zhao supported Villanueva’s call for regulatory passporting. In his view, a firm already licensed in one ASEAN market should face a lighter path when entering another.
Zhao framed cross-border coordination as “mostly a political problem,” saying the technology itself is simple. He argued that more licensed platforms competing regionally could improve services and lower costs for consumers. Coverage of the remarks is also tracked in our Fintech & Crypto Alerts hub.
What would passporting change for crypto firms in ASEAN?
ASEAN member states still regulate digital assets separately. That fragmentation forces companies seeking a regional footprint through multiple approval processes, raising compliance costs for crypto and stablecoin services.
A regional licensing framework, Zhao suggested, could simplify those approvals, reduce duplicated compliance work and encourage competition. Regulators would retain the ability to review applicants, but firms would not restart the full licensing process in every market.
Are there existing models for license passporting?
ASEAN does not currently offer a bloc-wide passport for crypto companies. Regulators have, however, used mutual recognition elsewhere in finance. The ASEAN Capital Markets Forum’s Collective Investment Schemes Framework lets a fund authorized at home be offered in participating host markets through streamlined authorization. It first went live in Malaysia, Singapore and Thailand in 2014, with the Philippines joining in 2021.
The ACMF Pass under the Professional Mobility Framework also lets eligible investment advisers licensed in one participating jurisdiction seek fast-track registration elsewhere without obtaining another full license. Those programs are narrower than the crypto passporting idea Zhao backed and remain subject to host-market rules.
In Europe, under the Markets in Crypto-Assets Regulation, an authorized crypto-asset service provider can passport services across EU member states after notifying its home regulator. According to Cointelegraph, Zhao still said national policy differences make alignment harder than building shared technical rails, but licensed firms should face a lighter application when expanding within ASEAN.