ASEAN Regulators Back Crypto License Passporting to Boost Cross-Border Expansion
Binance co-founder Changpeng 'CZ' Zhao has endorsed the concept of 'license passporting' across ASEAN, arguing that crypto and stablecoin providers already regulated in one country should not have to restart the licensing process when expanding into neighboring markets.
Zhao backed an approach similar to FinTech Alliance PH founding chair Lito Villanueva's idea: a simplified approval pathway for regulators to conduct due diligence without forcing applicants to complete a wholly new application from scratch in each jurisdiction.
The EU's MiCA framework provides a clearer passporting example, highlighting the contrast between region-wide rules and ASEAN's country-by-country regulatory environment. ASEAN countries currently regulate digital assets through separate national frameworks, which can translate into multiple licensing processes for firms trying to operate regionally.