Snapshot from Aug 24, 2026 at 07:00 UTC. For live data and tracking: View Live
Events / Regulatory / Project Pigeon APAC Blockchain...
Regulatory industry initiative

Project Pigeon APAC Blockchain Governance Working Group

Analysis based on 10 articles · First reported Jul 20, 2026 · Last updated Aug 13, 2026

Sentiment
15
Attention
2
Articles
10
Market Impact
General
Live prominence charts, article sentiment distribution, and event development timeline available on the Ergen Dashboard
Market Impact

The initiative signals a move toward standardized governance for permissionless blockchains, potentially reducing regulatory uncertainty for financial institutions and supporting broader adoption of crypto assets. It may positively influence sentiment for blockchain-related firms and compliance technology providers, while having limited direct impact on major market indices.

Blockchain Financial Services Regulatory Compliance
Event Summary

On August 12-13, 2026, the Project Pigeon consortium, jointly convened by Ellipse, the Digital Asset Association (DAA), the Responsible Fintech Institute (RFI), and Baker McKenzie, announced the formation of 'Project Pigeon: A Working Group for Permissionless Blockchain Governance in APAC'. This regional initiative aims to develop governance and risk management standards for financial institutions using permissionless blockchains, following the Singapore — Monetary Authority of Singapore's April 2026 consultation paper on prudential treatment of crypto assets. The working group is structured around four risk pillars: Governance Risk (led by RFI), Technology Risk (led by DAA), Settlement Finality Risk (led by Baker McKenzie), and AML/CFT Risk (led by Ellipse). It brings together banks, crypto-native firms, exchanges, and legacy financial institutions across APAC, with observer roles for regulators. Baker McKenzie serves as secretariat. The consortium plans to publish an industry guide, 'Pigeon Permissionless Blockchains', and a regulatory briefing paper, targeted for Q1 2027.

Key Actions
80 Ellipse launched working group
80 Digital Asset Association launched working group
80 Responsible Fintech Institute launched working group
80 Baker McKenzie launched working group
70 Singapore — Monetary Authority of Singapore issued consultation paper
Entities Involved
priv
Ellipse
Ellipse leads the AML/CFT risk pillar, embedding its on-chain analytics and Travel Rule compliance into the framework, reinforcing its position as a leader in cryptoasset risk management.
Importance 80.0 Sentiment 60.0
priv
Baker McKenzie
Baker McKenzie leads the Settlement Finality Risk pillar and acts as secretariat, providing legal expertise and governance oversight, enhancing its fintech practice.
Importance 75.0 Sentiment 60.0
ngo
Digital Asset Association
DAA leads the Technology Risk pillar, addressing protocol vulnerabilities and 51% attacks, enhancing its role in promoting secure blockchain infrastructure.
Importance 70.0 Sentiment 55.0
ngo
Responsible Fintech Institute
RFI leads the Governance Risk pillar and serves as the source of the announcement, strengthening its influence in digital finance governance.
Importance 70.0 Sentiment 55.0
cbnk
Singapore — Monetary Authority of Singapore
MAS's April 2026 consultation paper prompted the initiative; the working group aims to help institutions respond, potentially influencing future regulatory policy.
Importance 60.0 Sentiment 50.0
per
Chia Hock Lai
As RFI Chairman, Chia Hock Lai provided a public statement supporting the initiative, lending credibility to the governance framework.
Importance 40.0 Sentiment 50.0
per
Jag Foo
As DAA ExCo Member, Jag Foo commented on technology risk controls, highlighting the importance of actionable measures for financial institutions.
Importance 40.0 Sentiment 50.0
per
Stephanie Luo
As Baker McKenzie Principal, Stephanie Luo emphasized legal certainty, contributing to the initiative's legal framework development.
Importance 40.0 Sentiment 50.0
per
June Lau
As Ellipse APAC Head, June Lau highlighted the integration of on-chain analytics and Travel Rule compliance, reinforcing Ellipse's role.
Importance 40.0 Sentiment 50.0
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