Changpeng Zhao, co-founder of Binance, voiced strong support for an ASEAN crypto license passport during the ASEAN Tech Summit Manila 2026 on July 28. He endorsed a proposal that would simplify licensing across Southeast Asia, allowing crypto firms already licensed in one ASEAN country to pursue streamlined approvals in others without submitting full applications repeatedly.
Currently, ASEAN lacks a unified crypto passport system, leaving each member country to handle approvals and regulatory oversight independently. This fragmented approach means crypto companies face multiple licensing processes, increasing costs and delaying regional expansion.
Zhao backed the idea introduced by FinTech Alliance PH's founding chair, Lito Villanueva. The concept permits host regulators to still assess applicants thoroughly and apply local conditions, preventing automatic cross-border operations but reducing redundant paperwork. This could particularly benefit exchanges, custodians, and stablecoin issuers aiming to expand across the region.
Though Binance navigates these complex regulatory landscapes firsthand, with plans to broaden its Asian licensing footprint, no official ASEAN policy or framework for crypto passporting exists yet. No regulator has set consultation timelines or target dates for this initiative.
ASEAN has precedent for cross-border recognition in traditional finance. The ASEAN Collective Investment Schemes Framework, launched by Malaysia, Singapore, and Thailand in 2014 and later joined by the Philippines, streamlines fund approvals across member states. Similarly, the ASEAN Capital Markets Forum (ACMF) Pass expedites registration for investment professionals working regionally without needing separate licenses.
However, these models currently exclude crypto exchanges and stablecoin providers, maintaining national regulators' authority to review and regulate digital asset firms individually. The lack of harmonized crypto rules remains a significant hurdle for regional integration.
Digital asset regulation within ASEAN varies widely, which complicates cohesive market development. Zhao's support signals industry interest in reducing barriers but doesn’t yet translate to policy shifts.
Binance’s role navigating this patchwork illustrates the challenges and potential benefits of such a passport. Streamlining approvals could cut repetitive filings and lower market entry costs, making Southeast Asia a more accessible market for crypto businesses.
After Zhao’s comments, markets showed little immediate movement, with crypto prices remaining steady.
