Binance co-founder Changpeng “CZ” Zhao backed crypto license passporting across ASEAN, arguing that firms regulated in one market should be able to enter others through a simplified approval process rather than applying from scratch.

Speaking Tuesday during the “One ASEAN, One Digital Economy” fireside chat at the ASEAN Tech Summit Manila 2026, Zhao supported an idea raised by FinTech Alliance PH founding chair Lito Villanueva for regulatory passporting, or license portability. Zhao said regulators could still review applicants, but should not require them to complete another full licensing application from scratch.

A regional licensing framework could reduce compliance costs and make it easier for crypto and stablecoin services to operate across ASEAN’s fragmented regulatory markets, where member states regulate digital assets separately and companies often face multiple approval processes to build a regional presence. It could also create a clearer path for firms that are already licensed in one market to expand into another without duplicating the same checks.

“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.

Binance co-founder Changpeng Zhao (left) with FinTech Alliance PH founding chair Lito Villanueva (right) at the ASEAN Summit in Manila. Source: Aubrey Paller

ASEAN has precedents for regional passporting

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’s (ACMF) Collective Investment Schemes Framework 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.

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These programs are narrower than the passporting idea Villanueva raised and Zhao supported, and they remain subject to host-market requirements. Even so, they show that ASEAN regulators have previously used mutual recognition and simplified approvals to deepen integration, which is why the current crypto discussion is drawing attention from market participants watching how digital asset rules may evolve alongside broader regional finance policy.

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.

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