Project Pigeon launches APAC working group for blockchain governance

The Project Pigeon consortium has announced the formation of a new working group focused on permissionless blockchain governance in the APAC region. The initiative is a joint effort between Elliptic, the Digital Asset Association (DAA), the Responsible Fintech Institute (RFI), and Baker McKenzie.

The working group aims to establish industry-standard risk-management frameworks to support safe innovation and the treatment of Group 1 crypto assets. This move follows a consultation paper released by the Monetary Authority of Singapore (MAS) in April 2026 regarding the prudential treatment of crypto assets on public blockchain networks.

The proposed framework is structured around four fundamental risk pillars. These include Governance Risk, led by RFI, to address node concentration and accountability; Technology Risk, led by DAA, to mitigate protocol vulnerabilities and smart contract exploits; and Settlement Finality Risk, led by Baker McKenzie, to evaluate consensus mechanisms and legal certainty.