Changpeng Zhao, co-founder of Binance, expressed support for a system allowing cryptocurrency licenses to be recognized throughout Southeast Asia (ASEAN) on July 28th. He shared this view during a discussion at the ASEAN Tech Summit Manila 2026.
Summary
- CZ backed simplified ASEAN crypto licensing, allowing regulated firms to avoid full repeat applications regionally.
- ASEAN currently has no bloc-wide crypto passport, leaving approvals and supervision with national regulators separately.
- Four jurisdictions already use streamlined ASEAN fund authorisations, offering a limited model for future coordination.
The discussion focused on digital currencies like stablecoins and how regional finance might evolve. Changpeng Zhao, known as CZ, backed an idea from Lito Villanueva of FinTech Alliance PH. This proposal suggests that a cryptocurrency company approved in one Southeast Asian country could get faster approval in other countries, avoiding the need to start a completely new application process each time.
This plan would continue to let each country’s authorities review companies seeking to operate within their borders and set specific requirements for them. It wouldn’t give any company automatic access to all markets in Southeast Asia.
ASEAN crypto license passport could reduce repeat filings
Currently, cryptocurrency businesses in Southeast Asia have to go through different licensing, compliance, and oversight procedures in each country. Zhao suggested that if regulators acknowledged work already done by other authorities, it could simplify the process and reduce the costs of starting a business in the region.
A standardized approach could help cryptocurrency exchanges, custody services, and stablecoin payment companies expand more easily into new regions. However, Changpeng Zhao’s backing doesn’t mean that ASEAN (the Association of Southeast Asian Nations) has officially decided to adopt such a plan. Currently, no regulator or ASEAN organization has publicly announced any plans for a “crypto passporting” system – including proposals, discussions, or timelines.
Binance understands how complicated it can be to get licensed in different countries. The company is currently applying for approvals throughout Asia, navigating each country’s unique regulations. Reuters reported in July that Binance intends to increase its licensing across the region but hasn’t yet revealed exactly which countries are included in those plans.
ASEAN countries are starting to allow financial rules and approvals to be accepted across borders. For example, the ASEAN Collective Investment Schemes Framework lets investment funds approved in one ASEAN country get quicker approval in other participating countries.
In 2014, Malaysia, Singapore, and Thailand initially created this framework. The Philippines then became a part of it by signing an agreement with the securities regulators of the other three countries.
As a crypto investor looking at opportunities in Southeast Asia, I’ve found the ACMF Pass really useful. It basically lets qualified investment professionals like me offer advice in several ASEAN countries without having to go through the whole lengthy process of getting a new license in each place. It’s a fast track to operating across borders, which is great for expanding my reach and finding new projects.
As a crypto investor, I’ve noticed these existing frameworks offer a set process, but they completely miss the mark when it comes to things like crypto exchanges and the companies that create stablecoins. Plus, they still let local regulators have the final say – they can still check out applicants and make sure everyone follows the rules in their country.
National crypto rules remain the main obstacle
Each country in ASEAN has its own rules for dealing with things like cryptocurrency and other digital assets. These rules vary depending on the specific asset and are enforced by different government bodies. Companies often need to register locally, maintain certain financial reserves, protect against cyber threats, securely store assets, be transparent about their operations, and prevent money laundering to comply.
The Philippines illustrates a situation where a service can need approval from multiple government bodies. For example, both Binance and BlockShoals were operating within a regulatory ‘sandbox’ overseen by the Securities and Exchange Commission, but they still hadn’t obtained the necessary license from the central bank to handle specific payment and financial transactions.
The Philippine Securities and Exchange Commission (SEC) then permitted BlockShoals to start limited testing with Binance’s technology. However, this approval didn’t remove the need for BlockShoals to also meet requirements set by the Bangko Sentral ng Pilipinas (the country’s central bank). The test program involved a 90-day period to integrate everything before they could allow users to sign up.
Creating a single passport for this region would mean authorities need to decide who oversees everything, and what tasks each individual country still handles.
Europe provides a broader crypto comparison
The European Union’s new rules for crypto assets, called MiCA, are a good example of how things could work. Once a company offering crypto services is approved under MiCA, it can operate throughout all EU countries with a simple notification.
This system functions through a unified set of legal guidelines, consistent authorization processes, and collaboration among national regulatory bodies. Currently, ASEAN lacks a similar, region-wide law specifically for cryptocurrency.
Binance didn’t fully meet the deadline for MiCA licensing and had to limit some services in Europe. This situation highlights that while ‘passporting’ simplifies the process of offering services across different countries by reducing the need for multiple applications, it doesn’t eliminate the initial, thorough review required for approval.
The ASEAN Digital Economy Framework Agreement could lead to increased collaboration within the region. Negotiations are complete, and the agreement is currently being legally checked before it’s expected to be signed in November 2026. While official summaries mention areas like digital payments, data management, and online security, it’s currently unclear whether the agreement will allow cryptocurrency licenses to be used across multiple countries.
Creating a “crypto passport” – allowing people to use crypto across borders – would need agreement between countries’ financial watchdogs, agreed-upon basic rules, and a way to share information. Currently, Changpeng Zhao’s idea is just a suggestion for future regulations, not an official path to getting licensed.
2026-07-28 09:48