Binance Co-Founder CZ Endorses Crypto License Passporting in ASEAN
Binance co-founder Changpeng Zhao voiced support for a unified crypto license framework across ASEAN nations.
Changpeng “CZ” Zhao, co-founder of Binance, has publicly endorsed the concept of crypto license passporting across the Association of Southeast Asian Nations (ASEAN). The proposal aims to streamline regulatory approvals for digital asset firms operating within the region.
Streamlining Compliance
During a recent industry event, Zhao argued that a mutual recognition framework for crypto licenses would significantly reduce compliance costs and administrative burdens. He said such a system would encourage competition and innovation among ASEAN member states.
- Simplify cross-border operations for crypto businesses
- Lower barriers to entry for smaller firms
- Promote regional cooperation in digital asset regulation
ASEAN, which includes 10 Southeast Asian countries, has been exploring unified approaches to digital economy regulation. License passporting is already used in other sectors, such as banking and securities, within the European Union.