Joint initiative by Elliptic, Digital Asset Association (DAA), Responsible Fintech Institute (RFI) and Baker McKenzie Wong & Leow to establish an industry standard risk-management framework, supporting safe innovation and Group 1 crypto asset treatment.SINGAPORE , Aug. 13, 2026 /PRNewswire/ -- The Project Pigeon consortium, jointly convened by Elliptic, the Digital Asset Association (DAA), the Responsible Fintech Institute (RFI) and Baker McKenzie, today announced the formation of "Project Pigeon: A Working Group for Permissionless Blockchain Governance in APAC". This regional initiative is dedicated to advancing safe, compliant innovation on public blockchain networks, providing financial institutions with the frameworks necessary to operate securely within rapidly evolving regulatory landscapes.The initiative takes its name from carrier pigeons, reflecting the consortium's goal of developing trusted governance frameworks that enable secure communication and value transfer across open, decentralized blockchain networks.The launch of the working group follows the Monetary Authority of Singapore's (MAS) April 2026 Consultation Paper regarding the prudential treatment of crypto assets on permissionless blockchains. A primary objective of Project Pigeon is to help banks and financial institutions assess and address regulatory considerations raised in the consultation through the development of a framework structured around four fundamental risk pillars, each spearheaded by a designated consortium co-convenor: