The cryptocurrency industry in Southeast Asia may gain new momentum thanks to an initiative by one of the co-founders of Binance, the world’s largest cryptocurrency exchange. At a recent digital finance forum, a “license passporting” mechanism was proposed for cryptocurrency exchanges within the Association of Southeast Asian Nations (ASEAN). This initiative provides that a license obtained in one member country is automatically recognized in all others, which significantly facilitates access to regional markets.

Currently, each ASEAN country sets its own, often differing, rules for regulating cryptocurrencies, which creates barriers to the development of cross-border digital financial services. According to ASEAN, the region has a population of over 680 million and is seeing strong growth in the number of digital asset users: over the past two years, the number of cryptocurrency wallets has increased by 45%.

The introduction of a unified licensing mechanism could increase transparency, simplify regulatory compliance, and reduce operational costs for exchanges. The initiative also aims to protect investors’ interests and combat financial crime by ensuring uniform KYC and AML standards across the region.

Experts note that this approach could serve as a model for other economic blocs and accelerate the integration of digital finance into the global economy. Discussions on the initiative are expected to continue at upcoming meetings of ASEAN regulators and industry associations.