Proposal aims to simplify cross-border crypto operations by allowing firms to use home licenses across Southeast Asia’s 10-member bloc.
Binance co-founder Changpeng Zhao has endorsed a proposal for a unified crypto license passporting system across ASEAN, enabling firms to operate across member states using a single authorization. The plan, discussed at the ASEAN Summit in Manila, mirrors existing regional frameworks like the Collective Investment Schemes Framework, which allows funds to be offered in participating jurisdictions through streamlined approvals.
ASEAN currently lacks a bloc-wide crypto passport, though regulators have implemented mutual recognition schemes in other financial sectors. The ACMF Pass, for example, permits investment advisers to fast-track registration in host markets without obtaining a new license. These programs remain subject to local requirements but demonstrate a precedent for cross-border regulatory cooperation.
A comparable model exists in the European Union under the Markets in Crypto-Assets Regulation, where authorized providers can passport services across member states. The proposal could reduce compliance costs and accelerate market integration if adopted.