Project Pigeon has launched an Asia-Pacific working group to create governance and risk-management standards for financial institutions using permissionless blockchains (public networks open to anyone). Convened by Elliptic, the Digital Asset Association, the Responsible Fintech Institute and Baker McKenzie, the initiative is designed to support safe, compliant innovation and help institutions address issues raised by the Monetary Authority of Singapore (MAS, Singapore's central bank and financial regulator) in its April 2026 consultation on the prudential treatment of crypto assets on permissionless blockchains. The consortium will organize its work around four pillars: governance risk, technology risk, settlement finality risk and AML/CFT risk (anti-money laundering and counter-terrorist financing). It plans to publish an industry guide, "Pigeon Permissionless Blockchains," and a regulatory briefing paper for APAC supervisors in Q1 2027.