Binance Co-Founder CZ Calls for ASEAN Crypto License Recognition to Ease Regional Expansion
Crypto companies looking to expand across Southeast Asia could face fewer regulatory hurdles if ASEAN adopts a shared approach to recognising licences, according to Binance co-founder Changpeng “CZ” Zhao.
Speaking at the ASEAN Tech Summit Manila 2026, Zhao backed a proposal that would allow firms already licensed in one member state to seek a simpler approval process when entering another, instead of starting from the beginning each time.
During the “One ASEAN, One Digital Economy” fireside chat, FinTech Alliance PH founding chair Lito Villanueva suggested introducing regulatory passporting, also known as licence portability, across ASEAN.
Zhao supported the idea, saying regulators should still have the authority to review applications and apply local requirements, but companies should not be required to complete another full licensing process.
“I think that’s mostly a political problem.”
Zhao refers to cross-border coordination.
He added that the technology behind such a system was straightforward and that greater competition among licensed platforms could improve services while lowering costs for consumers.
Could One Licence Open Doors Across ASEAN
Digital asset businesses currently face separate approval processes in every ASEAN country, with each jurisdiction applying its own rules for licensing, supervision and compliance.
This creates additional costs and delays for exchanges, custodians and stablecoin providers aiming to build a regional presence.
Zhao argued that recognising work already completed by another trusted regulator could reduce duplicated paperwork and make expansion across Southeast Asia more efficient.
Under the proposal, host regulators would still assess applicants and retain the power to impose domestic conditions, meaning approval would not be automatic across all ASEAN markets.
No ASEAN regulator or regional body has announced a formal proposal, consultation or timeline for introducing a crypto passporting framework.
Zhao’s comments represent support for a future policy direction rather than an agreed regional initiative.
ASEAN Already Has Examples of Cross-Border Recognition
Although ASEAN does not currently operate a regional passport for crypto businesses, similar systems already exist within traditional finance.
The ASEAN Capital Markets Forum (ACMF) runs the Collective Investment Schemes Framework, allowing investment funds authorised in one participating country to apply for streamlined approval in another.
Malaysia, Singapore and Thailand launched the framework in 2014, with the Philippines joining in 2021.
The ACMF also introduced the ACMF Pass, which gives eligible investment advisers licensed in one participating jurisdiction access to fast-track registration in another without obtaining another full licence.
These arrangements remain narrower than the crypto licence portability proposal because host regulators continue to apply their own rules and approvals.
However, they demonstrate that ASEAN has previously used mutual recognition to encourage greater regional financial integration.
Europe Shows How Crypto Passporting Can Work
The European Union provides the closest comparison through its Markets in Crypto-Assets (MiCA) Regulation.
Under MiCA, a crypto-asset service provider authorised in one EU member state can offer services across the bloc after notifying its home regulator of the countries and services involved.
The European framework operates under a shared legal rulebook and common authorisation standards, something ASEAN does not currently have for digital assets.
Even so, Zhao noted that aligning regulations remains more difficult than building the technology itself because every country follows different legal and supervisory approaches.
Different National Rules Still Stand in the Way
Crypto regulation across ASEAN remains fragmented, with member states applying different requirements covering licensing, capital reserves, custody, cybersecurity, anti-money laundering measures and corporate structures.
The Philippines illustrates how multiple regulators can oversee different parts of the same business.
Binance and BlockShoals, for example, lacked the Bangko Sentral ng Pilipinas licence required for certain payment and transaction services despite taking part in a Securities and Exchange Commission sandbox programme.
The Philippine SEC later approved BlockShoals to begin sandbox testing using Binance infrastructure, but that approval did not replace separate central bank licensing requirements.
The programme also included a 90-day integration period before users could be onboarded.
Because of these differences, any future ASEAN passporting system would still require member states to agree on minimum regulatory standards, determine which authority acts as the home supervisor and establish information-sharing arrangements between national regulators.
Negotiations on ASEAN’s Digital Economy Framework Agreement have already concluded and the agreement is undergoing legal review ahead of an expected signing in November 2026.
While official documents cover areas such as digital payments, cybersecurity and data governance, no published framework currently includes crypto licence passporting.
Clement
Coinlive 