Crypto News
Changpeng Zhao backed an ASEAN-wide crypto license passport at the ASEAN Tech Summit Manila 2026 on July 28. Under the proposal, a firm licensed in one member state would use a streamlined approval process to enter other markets instead of submitting a full application in every jurisdiction. Host regulators would retain the right to review each applicant.
Speaking alongside FinTech Alliance PH founding chair Lito Villanueva, Zhao said the main obstacle to cross-border coordination was political rather than technical. He argued that regional access for more licensed platforms would strengthen competition, improve services and reduce consumer costs.
Why it matters
Crypto and stablecoin providers currently face separate licensing regimes across Southeast Asia, including different anti-money laundering requirements, conduct rules and capital standards. Running multiple approval processes raises compliance costs and can favor large incumbents over smaller regulated operators.
Zhao pointed to the EU's Markets in Crypto-Assets Regulation as a template. MiCA allows a crypto-asset service provider authorized in one EU country to passport services across all 27 member states after notifying its home regulator, without filing a fresh application in each market.
ASEAN already applies narrower forms of mutual recognition. Its Collective Investment Schemes Framework, introduced in Malaysia, Singapore and Thailand in 2014 before the Philippines joined in 2021, streamlines access for eligible investment funds. The ACMF Pass provides a related fast-track route for investment advisers.
Market impact
A crypto-specific passport could reduce expansion costs for exchanges, stablecoin companies and other service providers seeking a regional footprint. It would not eliminate national oversight, since each host regulator would still review entrants and enforce local requirements.
The decisive issue is whether participating governments can agree on common supervision, consumer protection and mutual-recognition standards. For Binance and other firms expanding across Asia, progress would replace repeated licensing work with a more scalable regional path.
Frequently asked questions
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How would ASEAN crypto license passporting work?
A firm licensed in one member state would receive a streamlined approval process in participating host markets instead of submitting a complete new application in every jurisdiction.
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Would host regulators lose authority under the proposal?
No. Host regulators would retain the right to review firms entering their jurisdictions and enforce applicable local requirements.
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Why did CZ cite the EU's MiCA framework?
MiCA allows a crypto service provider authorized in one EU member state to passport services across all 27 members after notifying its home regulator, without filing fresh applications in each market.
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Does ASEAN already use mutual recognition for financial services?
Yes. Its Collective Investment Schemes Framework streamlines access for eligible funds in participating markets, while the ACMF Pass provides a related fast-track model for investment advisers.
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What is the main obstacle to an ASEAN crypto passport?
Participating governments would need to agree on common supervision, consumer-protection and mutual-recognition standards. Zhao characterized the coordination challenge as political rather than technical.
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