ASEAN Crypto Firms Could Get Break with Regional Licensing System
CZ, the CEO of Binance, has voiced support for a regional crypto licensing system in ASEAN. He believes that licensed firms should not have to face a stringent process when expanding into new markets within the region.
A similar passporting system already exists for investment funds and advisers in ASEAN, allowing them to operate across multiple countries with a single license.
CZ's proposal would allow crypto companies to apply for a simplified approval process in another member state instead of starting from scratch. This would reduce the cost and complexity of operating across multiple markets.
The issue of different national rules remains the biggest hurdle for crypto firms looking to expand into new countries, with each country having its own set of regulations and requirements.