Binance Co-Founder Advocates for Crypto License Passporting in ASEAN at Tech Summit 2026

Binance Co-Founder Advocates for Crypto License Passporting at ASEAN Tech Summit

Manila, Philippines – July 28, 2026 – Changpeng “CZ” Zhao, co-founder of Binance, has thrown his weight behind a transformative proposal for simplified cryptocurrency licensing across the ASEAN region during a fireside chat at the ASEAN Tech Summit. The initiative aims to streamline the licensing process for crypto firms, allowing them to operate more efficiently across member states.

Currently, ASEAN lacks a unified crypto licensing framework, resulting in a fragmented landscape where each country maintains its own regulatory requirements. This disjointed system forces crypto companies to navigate multiple licensing processes, leading to increased costs and operational hurdles. Zhao’s endorsement of a crypto license passporting system could pave the way for a more cohesive regulatory environment.

A Vision for Simplified Licensing

The proposal, initially raised by Lito Villanueva, founding chair of FinTech Alliance PH, suggests that a crypto company licensed in one ASEAN jurisdiction should be able to seek simplified approval in another without undergoing a full reapplication process. While this would still allow host regulators to assess applicants and impose local conditions, it promises to significantly reduce the bureaucratic burden currently faced by crypto firms.

Zhao emphasized that recognizing the work done by one regulator could alleviate duplicated filings and lower market-entry costs, making it easier for exchanges, custodians, and stablecoin payment providers to expand regionally.

Current Landscape and Challenges

Despite Zhao’s support, the proposal does not equate to an official ASEAN policy decision. No formal crypto passporting initiative has been announced, and the regulatory landscape remains complex. Each ASEAN member state regulates digital assets through different laws and agencies, leading to a patchwork of requirements that can include local incorporation, capital reserves, and anti-money laundering controls.

For instance, in the Philippines, Binance and BlockShoals faced challenges due to the need for multiple approvals, even while participating in a Securities and Exchange Commission sandbox. This illustrates the intricate web of regulations that a regional passport would need to navigate.

Learning from Europe

Zhao’s proposal draws parallels with the European Union’s Markets in Crypto-Assets Regulation (MiCA), which allows authorized crypto-asset service providers to operate across EU member states after completing a notification process. However, ASEAN currently lacks a similar legal framework, making the path to a unified licensing system more complicated.

Looking Ahead

While Zhao’s proposal is a step toward a more integrated approach to crypto regulation in Southeast Asia, it remains a recommendation rather than a formalized policy. The ASEAN Digital Economy Framework Agreement, set for signing in November 2026, may provide a platform for further discussions on regional cooperation, but it remains to be seen whether crypto license passporting will be included.

As the crypto landscape continues to evolve, the call for a streamlined licensing process resonates with many in the industry, highlighting the urgent need for regulatory harmonization in a rapidly changing digital economy.