Binance co-founder Changpeng Zhao (CZ) endorsed a crypto license passporting framework across ASEAN, saying it could streamline regulatory approvals, lower compliance costs, and promote greater competition across the region.
Binance co-founder Changpeng “CZ” Zhao voiced support for crypto license passporting across ASEAN, arguing that companies regulated in one member market should be allowed to expand into others through a simplified approval process instead of having to apply for a new license from scratch.
Speaking on Tuesday during the “One ASEAN, One Digital Economy” fireside chat at the ASEAN Tech Summit Manila 2026, Zhao endorsed a proposal from FinTech Alliance PH founding chair Lito Villanueva for regulatory passporting, also known as license portability. Zhao said regulators should still be able to review applicants, but companies should not be required to complete an entirely new licensing process from scratch.
A regional licensing framework could lower compliance costs, promote greater competition, and make it easier for crypto and stablecoin providers to operate across ASEAN’s fragmented regulatory landscape. Since member states regulate digital assets independently, companies seeking a regional presence must currently navigate multiple licensing and approval processes.
“I think that’s mostly a political challenge,” Zhao said when discussing cross-border coordination, adding that the technology itself was straightforward. He said allowing more licensed platforms to compete would improve services and help reduce costs for consumers.
ASEAN Already Has a History of Regional Passporting Frameworks
ASEAN does not yet have a region-wide passporting framework for crypto companies, although regulators across the bloc have introduced streamlined cross-border arrangements in other areas of the financial sector.
The ASEAN Capital Markets Forum (ACMF) operates the Collective Investment Schemes Framework, which allows investment funds authorized in their home jurisdiction to be offered in participating host markets through a simplified approval process. The framework was first introduced in Malaysia, Singapore, and Thailand in 2014, while the Philippines joined the initiative in 2021, according to the ACMF.
The forum also introduced the ACMF Pass under its Professional Mobility Framework. The initiative allows eligible investment advisers licensed in one participating jurisdiction to receive fast-track registration to offer advisory services in another, eliminating the need to obtain a separate license.
These programs are more limited than the passporting proposal put forward by Villanueva and supported by Zhao, and they still require compliance with host-market regulations. However, they demonstrate that ASEAN regulators have previously relied on mutual recognition and streamlined approval processes to strengthen regional integration.
A comparable framework for crypto already exists in the European Union. Under the Markets in Crypto-Assets (MiCA) Regulation, an authorized crypto-asset service provider can exercise passporting rights to offer services across EU member states after notifying its home regulator of the countries where it intends to operate and the services it plans to provide.
Zhao said differences in national policies and regulatory frameworks make regional alignment more difficult than building shared technical infrastructure. Even so, he argued that companies already licensed in one market should go through a simplified application process when expanding into another ASEAN jurisdiction.
