Binance co-founder CZ backs crypto license passporting across ASEAN

Zhao argued that such a framework would significantly reduce compliance costs, foster greater competition, and make it easier for crypto and stablecoin services to navigate the diverse regulatory landscapes within ASEAN. Currently, companies must undergo separate, full licensing applications in each country, a process Zhao described as a "political problem" rather than a technical one.

While ASEAN does not yet have a bloc-wide crypto passport, similar cross-border arrangements exist in other financial sectors, such as the ASEAN Capital Markets Forum’s (ACMF) Collective Investment Schemes Framework. This framework allows authorized investment funds to be offered across participating jurisdictions with a simplified authorization. The ACMF also operates an ACMF Pass for investment advisers.

These existing frameworks are narrower than the proposed crypto passporting, but they demonstrate a willingness among ASEAN regulators to use mutual recognition and simplified approvals for deeper financial integration. The European Union's Markets in Crypto-Assets Regulation (MiCA) provides a more direct comparison, enabling authorized crypto-asset service providers to operate across member states via passporting rights after notifying their home regulator.