CZ Advocates ASEAN Crypto Passporting to Slash Compliance Costs

Woofun AI reports that Binance co-founder Changpeng “CZ” Zhao championed crypto license passporting across ASEAN during the “One ASEAN, One Digital Economy” fireside chat at the ASEAN Tech Summit Manila 2026, endorsing a proposal by FinTech Alliance PH founding chair Lito Villanueva for regulatory passporting or license portability.

The core mechanism involves a simplified approval process where firms regulated in one market enter others without applying from scratch, thereby reducing compliance costs and fostering competition for crypto and stablecoin services. Zhao argued that while regulators should review applicants, the current fragmented regulatory markets force companies through multiple approval processes, creating a political problem rather than a technological one, as the technology was simple. He posited that allowing more licensed platforms to compete would improve services and lower costs for consumers.

Woofun AI data shows that precedent for such integration exists within the ASEAN Capital Markets Forum (ACMF), specifically through the Collective Investment Schemes Framework, which permits a fund authorized in its home jurisdiction to operate in participating host jurisdictions via a streamlined authorization process. This framework was first operationalized in Malaysia, Singapore, and Thailand in 2014, with the Philippines joining in 2021, demonstrating early success in cross-border financial coordination.

A second precedent is the ACMF Pass under the Professional Mobility Framework, which grants eligible investment advisers fast-track registration to provide advisory services in another jurisdiction without obtaining a separate license. Although these programs are narrower than the proposed crypto passporting and remain subject to host-market requirements, they illustrate that ASEAN regulators have previously utilized mutual recognition and simplified approvals to deepen integration.

A direct comparison is found in the European Union, where the Markets in Crypto-Assets Regulation allows an authorized crypto-asset service provider to exercise passporting rights across member states after notifying its home regulator. Zhao noted that while differences in national policies and regulatory approaches make alignment harder than building common technical rails, firms already licensed in one market should face a lighter application process when entering another ASEAN jurisdiction.

This push for deeper integration aims to transform how ASEAN jurisdiction handles licensed platforms, potentially improving services for end-users. The shift from fragmented national policies to a unified approach marks a significant step toward regional market cohesion.