ASEAN Crypto Passporting
Binance's CZ Endorses ASEAN Crypto Passporting for Streamlined Regional Market Entry
Anonymous
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Zhao framed the ASEAN crypto passporting concept as mirroring the EU's MiCA framework, suggesting the idea aligns with established regional market-entrance models rather than inventing a new regulatory architecture.
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Regional cross-border recognition already exists in traditional finance under the ASEAN Capital Markets Forum (ACMF), including the Collective Investment Schemes Framework; Malaysia, Singapore and Thailand launched it in 2014, with the Philippines joining in 2021, and the ACMF also operates under its Professional Mobility Framework (ACMF Pass).
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Binance is actively pursuing broader regional licensing across Asia and has indicated it is pursuing additional approvals beyond those already in place, with not all target markets identified yet.
Binance co-founder Changpeng Zhao publicly backed a crypto license passporting system for Southeast Asia at the ASEAN Tech Summit Manila 2026, arguing that a firm licensed in one ASEAN country should only need a streamlined review — not a full re-application — to operate in others. CoinCodex reported Zhao framed the barrier as mostly political, not technical, saying the underlying technology is already straightforward.
The proposal, championed by FinTech Alliance PH's Lito Villanueva, could significantly cut compliance costs for crypto and stablecoin firms expanding across the region's ten member states. No formal ASEAN policy decision has been made yet.
CZ Compares ASEAN Passport to EU's MiCA Framework
Zhao drew a direct parallel to Europe's Markets in Crypto-Assets regulation, known as MiCA. Under MiCA, a crypto firm licensed in one EU country can operate across the bloc with minimal extra steps. Finance Feeds reported Zhao believes ASEAN can adopt a similar model, where local regulators retain some review power but the entry bar is much lower for already-licensed firms.
Zhao said regional competition among crypto firms would improve services and push consumer costs down. He stressed the technology to support cross-border licensing is ready. The real obstacle, he said, is political will among member-state governments.
Traditional Finance Already Has a Regional Passport Model
The passporting idea is not new to Southeast Asia. The ASEAN Capital Markets Forum, known as the ACMF, already runs a Collective Investment Schemes Framework for traditional investment funds. Malaysia, Singapore, and Thailand launched it in 2014. The Philippines joined in 2021. The ACMF also operates a Professional Mobility Framework, called the ACMF Pass, for finance professionals.
CoinCodex noted the crypto proposal echoes these existing structures. Supporters argue that if cross-border recognition works for mutual funds, it can work for crypto licenses too. The difference is that crypto regulation across ASEAN is still fragmented and at very different stages of maturity in each country.
Passport Would Not Grant Automatic Access to All Markets
Even under the proposed system, a crypto license from one ASEAN country would not unlock all ten markets automatically. Eritv News reported that local regulators would still assess conditions in their own jurisdictions before granting entry. The passport lowers the hurdle — it does not remove it entirely.
This distinction matters for firms hoping for a fast regional rollout. They would still need to engage with each country's regulator, just through a faster, lighter process than starting from scratch. The proposal remains at the discussion stage with no binding ASEAN commitment in place.
Binance Pushes for Wider Asian Licensing as CZ Champions the Idea
The endorsement comes as Binance actively pursues more regulatory approvals across Asia. Yahoo Finance reported the exchange is seeking licenses in additional markets beyond those it already holds, though it has not named all target countries. CZ's public backing of the passporting concept aligns with Binance's broader push to expand its legal footprint in the region.
For smaller crypto firms, the stakes are high. Applying for a full license in each ASEAN country can cost millions of dollars and take years. A streamlined passport system could open a combined market of roughly 680 million people to firms that currently lack the resources to go country by country.
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