CZ’s Vision: Launching the Era of Crypto Passporting Across ASEAN Borders

Binance co-founder Changpeng "CZ" Zhao has thrown his weight behind a unified crypto licensing framework for ASEAN, arguing that regulatory passporting is essential to dismantle market fragmentation and unleash cross-border competition across the region.

Dismantling the Regulatory Silos of Southeast Asia

Speaking at the "One ASEAN, One Digital Economy" fireside chat during the ASEAN Tech Summit Manila 2026, Zhao endorsed the proposal by FinTech Alliance PH founding chair Lito Villanueva, advocating that firms regulated in one market should not be forced to start from scratch when entering another.

■Zhao noted that while the technology is simple, cross-border coordination remains mostly a political problem.

■Allowing more licensed platforms to compete could significantly improve services and lower costs for consumers.

■The current fragmented regulatory landscape forces companies seeking a regional presence to navigate multiple approval processes, driving up compliance costs.

From EU’s MiCA to ASEAN’s Collective Schemes: A New Financial Architecture

ASEAN does not currently offer a bloc-wide passport for crypto companies, but regional regulators have successfully implemented streamlined cross-border arrangements in other financial sectors.

■The ASEAN Capital Markets Forum’s (ACMF) Collective Investment Schemes Framework, operationalized in Malaysia, Singapore, and Thailand in 2014 and joined by the Philippines in 2021, allows funds authorized in a home jurisdiction to be offered in host jurisdictions via a streamlined process.

■The ACMF Pass under the Professional Mobility Framework enables eligible investment advisers to receive fast-track registration in other jurisdictions without obtaining a new license.

■The European Union’s Markets in Crypto-Assets (MiCA) regulation serves as a direct comparison, allowing authorized crypto-asset service providers to operate across member states simply by notifying their home regulator.

Cem Talu Analysis: When evaluating through the lens of on-chain data and liquidity flows, compliance costs directly impact exchange spreads and user fees. A crypto license passport in ASEAN could deepen regional liquidity pools, serving as a low-friction entry point for institutional investors. If an exchange licensed in Singapore can immediately offer services in Indonesia, liquidity shifts from fragmented markets to central hubs, potentially tightening spreads across the board.