Binance co-founder CZ backs crypto license passporting across ASEAN
Cointelegraph 2026-07-28 06:00:54
Context: Binance co-founder Changpeng Zhao, also known as CZ, is supporting the concept of crypto license passporting across the Association of Southeast Asian Nations (ASEAN) region. This initiative aims to streamline the process of obtaining licenses for cryptocurrency businesses, reducing the complexity and costs associated with compliance. By doing so, CZ hopes to encourage more competition in the crypto industry.
Key Facts
- Changpeng Zhao, co-founder of Binance, expressed his support for crypto license passporting across ASEAN, which would allow cryptocurrency businesses to operate with a single license across multiple countries in the region.
- The proposed system is expected to simplify approvals, reduce compliance costs, and encourage competition among crypto businesses operating in ASEAN.
- License passporting would enable crypto companies to meet the regulatory requirements of multiple countries with a single set of standards, potentially reducing the costs and administrative burdens associated with obtaining and maintaining multiple licenses.