Binance co-founder CZ supports crypto license passporting across the ASEAN region to simplify regulatory approvals and encourage competition.
During a fireside chat at the 'One ASEAN, One Digital Economy' summit in Manila 2026, Binance co-founder Changpeng ‘CZ’ Zhao endorsed the concept of crypto license passporting across the Association of Southeast Asian Nations (ASEAN) region. This initiative aims to streamline regulatory processes and foster greater competition among cryptocurrency firms.
Zhao argued that licensed companies should be able to operate in other ASEAN markets without having to undergo a full licensing application, allowing for quicker market entry and reduced compliance costs. The idea was proposed by FinTech Alliance PH founding chair Lito Villanueva during the summit.
Currently, member states of ASEAN regulate digital assets independently, leading to fragmented regulatory environments that complicate cross-border operations for crypto firms. Zhao highlighted this as a political issue rather than a technological one and emphasized its potential benefits in improving services and lowering costs for consumers.
While there are no current regional passporting frameworks specifically for cryptocurrencies in ASEAN, the region has precedent with financial sector arrangements such as the ACMF’s Collective Investment Schemes Framework and the Professional Mobility Framework. These programs allow streamlined cross-border operations under certain conditions but remain subject to host-market requirements.
The concept of crypto license passporting faces challenges due to varying national policies and regulatory approaches within ASEAN, similar to those in Europe where authorized service providers must notify their home regulator before offering services across EU member states. Zhao believes that licensed firms should face a lighter application process when entering another ASEAN jurisdiction.
This move could have significant implications for the cryptocurrency market by reducing barriers to entry and fostering greater competition among crypto platforms operating within the region, potentially leading to improved service offerings and lower costs for consumers.
Traders and investors in the ASEAN market should closely monitor regulatory developments as this initiative could reshape the landscape of digital asset trading and services across multiple countries.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.