Original sourceCrypto News
Summary
Binance co-founder Changpeng Zhao (CZ) advocated for an 'ASEAN crypto license passport' at the ASEAN Tech Summit in Manila, proposing that once a crypto firm obtains a license in any member state, it can apply for streamlined approvals in others, cutting redundant applications and compliance costs.…
Key points
- Crypto firms can reassess regional expansion strategies; if a passport system materializes, it will significantly cut multi-country compliance costs and time.
- ASEAN regulatory fragmentation remains a major hurdle for crypto expansion; the passport proposal could catalyze regional regulatory coordination.
- Crypto service providers able to quickly expand across ASEAN after securing a single-nation license would accelerate product and service rollout in the region.
- The EU's MiCA and parts of the Middle East have already demonstrated regional crypto license regimes; ASEAN adoption would complete Asia's regulatory puzzle.
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