CZ Backs Crypto License Passporting to Streamline ASEAN Regulation

Binance co founder Changpeng “CZ” Zhao has voiced support for a regional crypto licensing system across ASEAN, arguing that companies already regulated in one member state shouldn’t need to restart the approval process when entering another.

The Case for Passporting

Speaking at the ASEAN Tech Summit in Manila, Zhao backed a proposal for regulatory passporting raised by FinTech Alliance PH’s founding chair. Under this approach, regulators could still review applicants but wouldn’t require a completely new licensing application. Zhao said such a system could lower compliance costs, boost competition, and simplify operations for crypto and stablecoin firms navigating ASEAN’s fragmented regulatory landscape. He described cross-border coordination as largely a political challenge rather than a technical one.

Existing Regional Precedents

While ASEAN lacks a bloc-wide crypto passport today, regional regulators have used similar frameworks in traditional finance. A cross-border investment fund framework has operated since 2014, and a separate program allows licensed investment advisers to receive fast-tracked registration in other member states.

A European Comparison

The European Union already applies a comparable model for crypto under its Markets in Crypto Assets Regulation, allowing licensed providers to operate across member states after notifying their home regulator. Zhao noted that differing national policies make regulatory alignment more difficult than building shared technical infrastructure.