CZ Pushes for ASEAN Crypto Passport to Streamline Regulation

Changpeng Zhao recently expressed strong support for a crypto license passporting system during the ASEAN Tech Summit in Manila. The proposal suggests that if a company is already licensed in one member state, it should face a streamlined approval process rather than starting from scratch in every other country within the bloc. This approach mirrors the European Union model, which allows firms to operate across multiple states with a single primary authorization.

Currently, Southeast Asian crypto firms face a fragmented landscape where each country has its own strict licensing, capital, and anti money laundering requirements. Zhao argues that these hurdles create unnecessary costs that often hurt smaller players. By allowing firms to move more freely, the proposal aims to increase competition and lower costs for everyday users. Zhao noted that the technology is already capable of handling this, meaning the primary barrier is simply political agreement between the different nations.

While some might see this as a big goal, ASEAN already has some precedents for this kind of cooperation in traditional financial markets. Similar passporting frameworks for investment funds have existed in countries like Singapore, Malaysia, and Thailand for years. If regulators can agree on basic standards for consumer protection, the infrastructure for a regional crypto passport could follow a similar path. Traders should watch for any future formal talks between regional regulators, as these moves are a clear signal of where the industry is looking to scale next.