CZ Backs ASEAN Crypto License Passporting System

Changpeng Zhao (CZ Binance), CEO of Binance, recently proposed the adoption of a crypto license passporting system across the ASEAN region.

The proposal, which was made at the ASEAN Tech Summit Manila 2026 on July 28, aims to simplify the regulatory process for crypto and stablecoin service providers operating in Southeast Asia's fragmented market.

Currently, each ASEAN member state has its own digital asset licensing regime, with separate AML requirements, conduct rules, and capital standards. This creates a significant compliance burden for firms seeking to operate across multiple jurisdictions.

CZ endorsed the idea of license portability, saying that it would improve services and reduce costs for consumers. He referenced the EU's MiCA model as a functional template for what ASEAN could build, where a crypto-asset service provider authorized in one EU member state can passport its services across all 27 member states.

The proposal is not without regional precedent, with existing frameworks such as the ASEAN Capital Markets Forum's Collective Investment Schemes Framework allowing for streamlined authorization processes. However, these frameworks are narrower and subject to host-market requirements.