Binance co-founder Changpeng 'CZ' Zhao backed a crypto license passporting initiative across ASEAN during a fireside discussion at the ASEAN Tech Summit Manila 2026 on July 28. According to reports from Reuters, Zhao supported a proposal raised by FinTech Alliance PH founding chair Lito Villanueva that would allow regulated crypto companies to seek simplified approval in other ASEAN jurisdictions instead of submitting complete applications. Speaking Tuesday during the 'One ASEAN, One Digital Economy' fireside chat, Zhao argued that firms regulated in one market should be able to enter others through a simplified approval process rather than applying from scratch. The proposal would enable host regulators to assess applicants and impose local conditions, but would not automatically permit companies to operate across every ASEAN market. The proposal, if adopted, would materially reduce compliance overhead for crypto and stablecoin service providers targeting Southeast Asia's fragmented regulatory landscape.
Crypto companies operating across Southeast Asia currently face separate licensing processes, compliance checks and supervisory requirements in each jurisdiction. As reported by Reuters, Zhao argued that recognizing work completed by another regulator could reduce duplicated filings and lower market-entry costs. A common process could make regional expansion easier for exchanges, custodians and stablecoin payment providers. '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. However, no regulator or ASEAN body has announced a formal crypto passporting proposal, consultation or target date.
ASEAN currently has no bloc-wide crypto passport, with approvals and supervision remaining with national regulators separately. According to Reuters, four jurisdictions already use streamlined ASEAN fund authorizations, offering a limited model for future coordination. The ASEAN Capital Markets Forum's (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, letting eligible investment advisers licensed in one participating jurisdiction receive fast-track registration to provide advisory services in another without obtaining another license.
ASEAN members regulate digital assets through different laws, agencies and product classifications, with requirements involving local incorporation, capital reserves, cybersecurity, custody, disclosures and anti-money-laundering controls. As reported by Reuters, the European Union's Markets in Crypto-Assets Regulation (MiCA) provides the clearest comparison, allowing authorized crypto-asset service providers to offer services across EU member states after completing required notification processes. Zhao said differences in national policies and regulatory approaches make alignment harder than building common technical rails. However, ASEAN does not currently have an equivalent regional crypto law, and any passport would require regulators to agree on home supervisor authority and host country responsibilities. The ESMA implementation timeline for the Markets in Crypto-Assets Regulation (MiCA) shows how such a system can be operationalized across multiple jurisdictions.
The ASEAN Digital Economy Framework Agreement may create another venue for regional cooperation, with negotiations having concluded and the agreement undergoing legal review before an expected November 2026 signing. According to Reuters, official descriptions cover digital payments, data governance and cybersecurity, but no published document confirms that crypto license passporting forms part of the agreement. Any crypto passport would still require negotiations among national regulators, common minimum standards and an information-sharing system. The ASEAN Capital Markets Forum's (ACMF) Professional Mobility Framework shows that ASEAN regulators have previously used mutual recognition and simplified approvals to deepen integration, though these programs remain subject to host-market requirements. For traders watching Binance's regulatory trajectory, the Manila remarks fit a broader pattern of the exchange positioning itself in Asia as its primary licensing growth market.
