The Project Pigeon consortium, jointly convened by Elliptic, the Digital Asset Association (DAA), the Responsible Fintech Institute (RFI) and Baker McKenzie, has announced the creation of “Project Pigeon: A Working Group for Permissionless Blockchain Governance in APAC.” The regional initiative aims to support safe and compliant innovation on public blockchain networks by giving financial institutions practical frameworks for managing risks and regulatory obligations in a rapidly changing environment.

The initiative draws its name from carrier pigeons, symbolising the consortium’s ambition to establish trusted governance structures that facilitate secure communication and value transfer across open and decentralised blockchain ecosystems.

The working group has been launched following the Monetary Authority of Singapore’s (MAS) April 2026 Consultation Paper on the prudential treatment of crypto assets operating on permissionless blockchains. Project Pigeon will seek to help banks and other financial institutions understand and respond to the regulatory issues highlighted by MAS through a framework built around four key risk areas, with each workstream led by one of the consortium’s co-convenors:

The initiative brings together banks, crypto-native businesses, digital asset exchanges and established financial institutions from across the Asia-Pacific region. Given the potential systemic implications of permissionless blockchain adoption, the consortium has also created observer and consulting positions for prominent regulatory authorities.

Baker McKenzie will act as the consortium’s official secretariat, overseeing editorial activities, regulator engagement and governance administration. The working structure will include plenary meetings every two weeks, dedicated sessions for each of the four workstreams, quarterly regulatory engagement checkpoints and monthly assessments by a central Steering Committee made up of representatives from DAA, RFI, Elliptic and Baker McKenzie.

The consortium’s principal output will be an industry guide titled “Pigeon Permissionless Blockchains.” The publication is intended to provide financial institutions with a practical, end-to-end risk management lifecycle and actionable guidance for risk and compliance professionals. It will draw on established industry standards and regulatory requirements and is expected to cover risk classifications, risk-event catalogues, preventive and detective controls, governance arrangements, control-testing methodologies, as well as issue management and reporting procedures.

A separate regulatory briefing will also be produced for supervisors across the APAC region. The industry guide is currently scheduled for publication in Q1 2027.

Commenting on the initiative, the consortium’s workstream leaders highlighted the importance of developing a common approach to permissionless blockchain risk management.

Chia Hock Lai, Chairman of the Responsible Fintech Institute (RFI), said robust governance is essential to bridging the gap between decentralised blockchain principles and the requirements of institutional finance. The workstream will focus on developing transparent accountability structures capable of meeting regulatory expectations while preserving innovation.

Jag Foo, ExCo Member and Chair of the Digital Assets Security Subcommittee at the Digital Assets Association (DAA), said public blockchain technology offers significant potential but also presents considerable complexity. The DAA-led workstream will therefore focus on practical controls designed to protect financial institutions against protocol weaknesses and malicious network activity.

Stephanie Magnus, Principal, Financial Services Regulatory and FinTech at Baker McKenzie Wong & Leow, emphasised the importance of legal certainty as permissionless blockchain networks become increasingly relevant to financial markets. She noted that the project provides an opportunity to examine legal and governance questions and develop practical solutions for industry participants.

June Lau, APAC Head of Policy and Regulatory Affairs at Elliptic, highlighted the need for financial crime controls to evolve alongside the growing adoption of permissionless blockchain networks. She said the integration of on-chain analytics and Travel Rule compliance into operational processes can help strengthen both transparency and security.

Financial institutions, technology companies and regulatory organisations interested in participating are invited to join the working groups or take part in the public consultation process. Organisations wishing to contribute expertise or receive updates on Project Pigeon can contact the consortium’s secretariat.

Flipster, an international cryptocurrency trading platform, has obtained a full operational Exchange license (License No. VL/26/07/002) from Dubai's Virtual Assets Regulatory Authority (VARA) through its regional entity, Flipster FZE. The approval allows the company to begin offering regulated virtual asset services in the UAE and represents a major milestone in Flipster's international growth strategy.

Under the newly granted license, Flipster FZE can onboard customers in the United Arab Emirates, with plans to gradually extend its regulated services to a wider global audience. The platform also provides access to real-world asset perpetuals in eligible jurisdictions, enabling traders to gain exposure to both digital assets and traditional financial markets. Initially, Flipster's regulated offerings will center on spot trading, laying the groundwork for a broader suite of compliant products.

Receiving the operational license signifies Flipster's progression from obtaining in-principle approval and meeting regulatory requirements to becoming a fully authorized exchange under VARA's regulatory framework. VARA is widely regarded as one of the world's leading authorities for the oversight of virtual assets, known for its comprehensive approach to digital asset regulation.

By operating within VARA's regulatory framework, Flipster aims to deliver a secure, transparent, and compliant trading experience. The platform's operations are supported by stringent requirements governing custody, corporate governance, and regulatory compliance, reinforcing its commitment to protecting users while ensuring dependable access to digital asset markets.

The licensing achievement also underscores Flipster's dedication to maintaining high standards of regulatory compliance in global financial markets. The company views effective regulation as a key driver of long-term trust and recognizes VARA's framework for successfully balancing innovation with strong investor safeguards.

Flipster announced its expansion into the Middle East in May 2025 with the appointment of Benjamin Grolimund as General Manager of Flipster FZE. Securing the full operational license marks the next stage of this regional strategy, enabling the company to move beyond market entry and begin delivering fully regulated virtual asset services within one of the world's most advanced digital asset ecosystems.

Southeast Asia Blockchain Week 2026, jointly organized by Web3 investment firm Hashed, led by CEO Simon Seojoon Kim, and ShardLab under CEO Hojin Kim, wrapped up its two-day conference at ICONSIAM Hall in Bangkok. The gathering featured regulators from Thailand and Indonesia, executives from SCBX, Bitkub, and Ascend Bit, as well as representatives from major international organizations such as Circle, Tether, and the Solana Foundation. The event highlighted the region’s transition from early-stage blockchain experimentation toward broader institutional integration.

The conference agenda focused on five core themes: navigating the evolving regulatory landscape; the convergence of institutional finance and blockchain ecosystems; the next phase of real-world asset (RWA) tokenization; the rise of the agent-driven digital economy; and the importance of foundational blockchain infrastructure. Together, these discussions reinforced Southeast Asia’s growing role as an active hub for implementing and scaling global Web3 adoption rather than merely observing industry trends.

A major component of the policy discussions included contributions from Butree Vangsirirungruang, Director of Thailand SEC’s Digital Asset Policy Department; representatives from the Thailand Digital Asset Association (TDA); and Muhammad Neil El Himam, Deputy for Digital and Technology Creativity at Indonesia’s Ministry of Creative Economy (EKRAF). Bringing policymakers from two of the region’s largest economies together on one platform marked a significant milestone for the conference.

Thailand’s financial and digital asset sectors were represented by Kaweewut Temphuwapat, CIO of SCBX and CEO of SCB 10X; Bitkub co-founder Atthakrit Chimplapibul; and Apinand Dabpetch, Managing Director of Ascend Bit, the blockchain arm of True Money under CP Group. They discussed the modernization of Thailand’s financial systems through blockchain technology. Additional speakers included David Katz, Vice President of Strategy and Public Policy for Asia Pacific at Circle, alongside Tether executives Ploy Boonyavee and Eddy Christian Ng. Other participating organizations included StraitsX, Ripple, BitGo, Anchorage Digital, Canton, Avalanche, the Solana Foundation, Xapo Bank, Token X, and AWS, covering topics ranging from custody and payments to tokenization and AI integration.

In addition to the main conference sessions, SEABW 2026 hosted four invitation-only roundtable discussions focused on RWA tokenization and settlement infrastructure, commercialization of tokenized assets, enterprise applications of AI and Web3 technologies, and stablecoin settlement systems. The event also distinguished itself from traditional industry conferences through a live performance by K-pop group tripleS, managed by Modhaus. The group’s blockchain-based fan governance model enables NFT holders to participate in decision-making processes, demonstrating how entertainment and Web3 technologies are increasingly intersecting across Asia.

Another major highlight was the SEABW AI Hackathon, designed around the theme “Solve a real-world problem around you with AI.” A total of 92 teams from Southeast Asia and other regions participated in the competition. The top award went to BEBRIDGE for its project RWANDA, an AI-driven evaluation platform that reviews RWA audit reports and assigns trustworthiness ratings to tokens, helping retail investors better understand potential de-pegging risks.

The conference attracted support from organizations spanning the entire institutional blockchain ecosystem. Regional sponsors included SCBX, SCB 10X, InnovestX, Bitkub, Bitazza Thailand, and Token X. International partners featured Tether, the Solana Foundation, Xapo Bank, AWS, SOOHO.IO, AriqoX, Tiger Research, and StayGold.

Ruam Siratanapanta, Head of Digital Asset Business at SCBX, stated that SCBX was pleased to continue its partnership with Hashed and ShardLab in supporting Southeast Asia Blockchain Week. He noted that the region is entering a stage where infrastructure development, regulatory progress, and practical digital asset applications are beginning to align, positioning the event as an important meeting point for institutions, policymakers, and builders shaping the future of the industry.

ShardLab CEO Hojin Kim added that few regions are experiencing simultaneous growth in both regulatory certainty and institutional adoption. He emphasized Bangkok’s strategic role at the center of this transformation and explained that as AI and digital assets increasingly merge into a unified agentic economy, fostering direct collaboration between regulators, institutions, and innovators is essential to ensuring the next stage of adoption develops through cooperation rather than fragmentation.