Binance co-founder Changpeng 'CZ' Zhao backed crypto license passporting across ASEAN during a fireside chat on Tuesday at the ASEAN Tech Summit Manila 2026. Zhao argued that firms regulated in one market should enter others through a simplified approval process rather than applying from scratch. The proposal responds to an idea raised by FinTech Alliance PH founding chair Lito Villanueva for regulatory passporting or license portability. ASEAN member states currently regulate digital assets separately, creating multiple approval processes for companies seeking regional presence.
Zhao Advocates Simplified Approval Process for Licensed Firms
Speaking during the "One ASEAN, One Digital Economy" fireside chat, Zhao said regulators could still review applicants but should not require them to complete another full licensing application from scratch. "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.
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.
ASEAN Operates Existing Financial Passporting Frameworks
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 (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. These programs are narrower than the passporting idea Villanueva raised and Zhao supported, and remain subject to host-market requirements.
EU MiCA Regulation Provides Direct Crypto Passporting Comparison
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.
FAQ
What did CZ propose at the ASEAN Tech Summit Manila 2026?
Binance co-founder Changpeng 'CZ' Zhao backed crypto license passporting across ASEAN on Tuesday at the ASEAN Tech Summit Manila 2026. He argued that firms regulated in one market should enter others through a simplified approval process rather than applying from scratch.
Does ASEAN currently have a crypto passporting framework?
ASEAN does not currently have a bloc-wide passport for crypto companies. However, regional regulators have created streamlined cross-border arrangements in traditional finance, including the ACMF Collective Investment Schemes Framework and the ACMF Pass under the Professional Mobility Framework.
How does the EU handle crypto passporting?
Under the EU's 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.
