ASEAN Crypto Framework Proposal Gains Support from Binance Co-Founder

Binance co-founder Changpeng 'CZ' Zhao has backed the introduction of a regional crypto licensing framework across ASEAN, saying companies licensed in one member state should be able to operate in other countries through a simplified approval process.

The proposal, known as regulatory passporting or licence portability, would allow firms already licensed in one ASEAN country to undergo a streamlined approval process when expanding into another market.

Zhao said regulators should retain oversight but allow for this streamlined approval process, arguing that it would lower compliance costs, encourage competition, and improve access to crypto and stablecoin services across Southeast Asia.

The existing ASEAN financial integration initiatives provide a basis for the proposal, including the ASEAN Capital Markets Forum's Collective Investment Schemes Framework and the ACMF Pass.