One License, Ten Markets: CZ Calls for ASEAN Crypto Passport

Changpeng Zhao (CZ), co-founder of Binance, has endorsed the creation of an ASEAN-wide crypto licensing passport, arguing that digital asset firms licensed in one member state should be able to expand across the region through simplified approval procedures instead of applying for new licenses in every jurisdiction.

Speaking during the "One ASEAN, One Digital Economy" panel at the ASEAN Tech Summit 2026 in Manila, Zhao said reducing regulatory fragmentation could significantly accelerate the growth of the region's digital asset industry while lowering compliance costs for businesses.

A Single Licensing Framework for ASEAN

Zhao voiced support for a proposal introduced by Lito Villanueva, founding chairman of the FinTech Alliance Philippines, advocating for a licensing passport system that would allow regulated crypto companies to operate across ASEAN markets under a mutual recognition framework.

Rather than requiring firms to restart the licensing process each time they enter a new country, Zhao suggested that regulators should instead conduct streamlined reviews while recognizing existing licenses issued by fellow ASEAN member states.

According to him, such a framework would create a more integrated regional market, making it easier for cryptocurrency and stablecoin businesses to expand while increasing competition and improving services for consumers.

"The primary challenge isn't technological," Zhao said during the discussion. "I believe it's mostly a political issue."

He noted that the technology required to support a regional licensing framework already exists, arguing that broader market access for licensed firms would ultimately improve service quality and reduce costs.

Lower Compliance Costs, Greater Regional Competition

ASEAN's digital asset landscape remains fragmented, with each member country maintaining its own licensing regime and regulatory requirements.

Zhao argued that introducing passporting would eliminate much of the duplicated compliance burden facing crypto companies seeking regional expansion. He added that simplifying market entry could encourage greater innovation while strengthening competition among regulated service providers.

The proposal reflects a broader shift in regulatory discussions from focusing solely on licensing digital asset companies toward enabling those licenses to be recognized across multiple jurisdictions.

ASEAN Already Uses Similar Models

Although ASEAN has not established a passporting framework specifically for cryptocurrency businesses, the region has previously implemented comparable systems in other areas of financial services.

The ASEAN Capital Markets Forum (ACMF) introduced the ASEAN Collective Investment Scheme (CIS) Framework, which allows qualifying investment funds authorized in their home jurisdictions to be offered in participating countries through simplified approval procedures rather than undergoing a full licensing process.

The framework was first launched in Malaysia, Singapore, and Thailand in 2014, with the Philippines joining in 2021.

The ACMF has also introduced a professional mobility passport that enables licensed investment advisers to obtain expedited registration when providing advisory services in participating ASEAN markets.

While these initiatives are narrower in scope than the crypto passport proposal backed by Zhao, they demonstrate that ASEAN regulators have already embraced mutual recognition mechanisms to promote regional financial integration.

Europe Offers a Working Blueprint

Zhao also pointed to the European Union's Markets in Crypto-Assets (MiCA) regulation as a practical example of how passporting can function in the digital asset sector.

Under MiCA, crypto asset service providers licensed in one EU member state can offer services across the bloc after notifying their home regulator of the jurisdictions and services they intend to provide, eliminating the need to obtain separate licenses in every country.

He suggested that ASEAN could adopt a similar approach while allowing each national regulator to retain oversight within its own jurisdiction.

Political Alignment Remains the Biggest Challenge

Despite expressing confidence in the technical feasibility of an ASEAN passporting framework, Zhao acknowledged that regulatory differences among member states remain the biggest obstacle.

Diverging national policies and regulatory priorities, he said, make political coordination considerably more difficult than building the underlying technology.

Still, Zhao maintained that companies already licensed in one ASEAN jurisdiction should benefit from simplified expansion procedures rather than repeating the entire licensing cycle, arguing that such a model would encourage innovation, reduce barriers to growth, and strengthen regional integration in the digital asset industry.

If ASEAN were to adopt a framework similar to the European Union's passporting model, it could significantly enhance the region's appeal as a destination for digital asset firms and stablecoin providers while preserving regulatory oversight at the national level. Conversely, maintaining separate licensing regimes across member states is likely to keep the regional market fragmented and continue limiting cross-border expansion.