Binance co-founder CZ pushes ASEAN crypto passport

Binance co-founder Changpeng “CZ” Zhao backed crypto license passporting across ASEAN on July 28 during a fireside discussion at the ASEAN Tech Summit Manila 2026.

The session covered digital assets, stablecoins and the future of regional finance.Zhao supported a proposal raised by FinTech Alliance PH founding chair Lito Villanueva. Under the idea, a crypto company licensed in one ASEAN jurisdiction could seek simplified approval elsewhere instead of submitting another complete application.

The proposal would still allow host regulators to assess applicants and impose local conditions. It would not automatically permit a company to operate across every ASEAN market.

ASEAN crypto license passport could reduce repeat filings

Crypto companies operating across Southeast Asia currently face separate licensing processes, compliance checks and supervisory requirements. Zhao argued that recognising some work completed by another regulator could reduce duplicated filings and lower market-entry costs.

A common process could also make regional expansion easier for exchanges, custodians and stablecoin payment providers. However, Zhao’s support does not amount to an ASEAN policy decision. No regulator or ASEAN body has announced a formal crypto passporting proposal, consultation or target date.

Binance has direct experience with fragmented licensing. The exchange is seeking more approvals across Asia while working through separate national requirements. Reuters reported in July that Binance planned to expand its regional licensing footprint but had not identified all the markets involved.

ASEAN regulators have already adopted cross-border recognition arrangements for parts of traditional finance. The ASEAN Collective Investment Schemes Framework allows qualifying funds authorised in one participating jurisdiction to seek streamlined approval in another.

Malaysia, Singapore and Thailand launched the framework in 2014. The Philippines later joined through a supplemental memorandum signed by the four national securities regulators.

The ASEAN Capital Markets Forum also operates the ACMF Pass. It allows eligible investment professionals to obtain fast-track registration for advisory work in participating jurisdictions without securing another full license.

Those programmes provide a procedural model, but they do not cover crypto exchanges or stablecoin issuers. They also preserve the power of host regulators to review applicants and enforce domestic rules.

National crypto rules remain the main obstacle

ASEAN members regulate digital assets through different laws, agencies and product classifications. Requirements can involve local incorporation, capital reserves, cybersecurity, custody, disclosures and anti-money-laundering controls.

The Philippines shows how several approvals can apply to one service. Binance and BlockShoals lacked the central bank license required for certain payment and transaction activities, despite participating in a Securities and Exchange Commission sandbox.

The Philippine SEC later allowed BlockShoals to begin sandbox testing using Binance infrastructure. However, the approval did not replace separate Bangko Sentral ng Pilipinas requirements. In related coverage, the testing programme included a 90-day integration period before user onboarding could begin.

A regional passport would therefore require regulators to agree which authority acts as the home supervisor and which responsibilities remain with each host country.

Europe provides a broader crypto comparison

The European Union’s Markets in Crypto-Assets Regulation provides the clearest direct comparison. MiCA allows an authorised crypto-asset service provider to offer services across EU member states after completing the required notification process.

That system relies on a shared legal rulebook, common authorisation standards and cooperation between national regulators. ASEAN does not currently have an equivalent regional crypto law.

Notably, Binance missed the full MiCA licensing deadline and restricted some European services. The case shows that passporting reduces repeated national applications but does not remove scrutiny during the original approval process.

ASEAN’s Digital Economy Framework Agreement may create another venue for regional cooperation. Negotiations have concluded, and the agreement is undergoing legal review before an expected November 2026 signing. 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. For now, Zhao’s proposal remains a recommendation for future regional policy rather than an approved licensing route.