Changpeng Zhao, Binance co-founder, advocated for a regional crypto license passporting framework across ASEAN at the ASEAN Tech Summit Manila 2026, allowing firms regulated in one member state to enter others through simplified approval rather than full re-licensing.
Speaking at the fireside chat titled “One ASEAN, One Digital Economy,” Zhao argued that regulators could still review applicants but should streamline the process. “I think that’s mostly a political problem,” he said, framing the barrier as one of regulatory will rather than technical complexity.
Under Zhao’s proposal, a crypto-asset service provider licensed in one ASEAN nation would not need to restart its compliance application in another member state. Instead, it would notify or seek expedited approval from the new jurisdiction. Zhao contended that enabling more licensed platforms to compete regionally would improve services and lower costs for consumers.
Regional Precedent in Non-Crypto Finance
ASEAN already operates comparable passporting systems outside digital assets. The ASEAN Capital Markets Forum (ACMF) Collective Investment Schemes Framework, operationalized in 2014 in Malaysia, Singapore, and Thailand, allows funds approved in one market to distribute in others. The Philippines joined the framework in 2021. The ACMF also runs a Professional Mobility Framework for investment advisers, permitting cross-border practice under regional standards.
The European Union operates a similar model under its Markets in Crypto-Assets Regulation, which allows authorized crypto-asset service providers to passport across member states without separate licensing in each jurisdiction.
Current State of ASEAN Digital Asset Regulation
ASEAN member states currently regulate digital assets independently, requiring companies seeking regional presence to navigate separate approval processes in each country. Zhao did not quantify the compliance costs or name specific regulatory barriers, but framed the fragmentation as an obstacle to regional integration and consumer access.
Lito Villanueva, founding chair of FinTech Alliance PH, was present at the summit. No statement from ASEAN regulators or the ASEAN Capital Markets Forum regarding formal discussions or commitments to pursue a passporting framework has been announced.
