Binance co-founder CZ lobbies for ASEAN crypto license passporting

The proposal, championed by FinTech Alliance PH founding chair Lito Villanueva, suggests that companies already holding a license in one jurisdiction could bypass redundant vetting elsewhere. While this would not grant an automatic right to operate across the entire bloc, it would allow host regulators to recognize previous compliance work, potentially lowering market-entry costs for exchanges and payment providers. Currently, no formal ASEAN policy exists to support such a framework, and national regulators maintain full authority over local digital asset laws.

Precedents for such cooperation already exist within the region's traditional finance sector. The ASEAN Collective Investment Schemes Framework, established by Malaysia, Singapore, Thailand, and the Philippines, allows for streamlined approval of investment funds. Similarly, the ACMF Pass provides a fast-track registration system for financial professionals. However, adapting these models to the volatile crypto landscape remains a significant challenge, as ASEAN members currently enforce a patchwork of disparate rules concerning capital reserves, cybersecurity, and custody.

Implementing a passport system would require a level of regulatory cohesion similar to the European Union’s Markets in Crypto-Assets (MiCA) regulation, which relies on a unified legal rulebook. Without a shared regional standard, ASEAN regulators must still determine how to divide supervisory responsibilities. Although the upcoming Digital Economy Framework Agreement could serve as a venue for future discussions, any transition toward a passporting route remains speculative until member states align on common minimum standards and information-sharing protocols.