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.

BTQ Technologies Corp, a technology firm focused on developing trusted infrastructure for the quantum age, has announced the appointment of Brandt Pasco as its U.S. Strategic Advisor for Post-Quantum Cryptography and Security.

In this role, Pasco will help strengthen BTQ’s relationships with U.S. government bodies, public-sector organizations, research institutions, national security agencies, and key industry stakeholders.

His appointment coincides with a significant period for the American quantum technology sector. On June 22, 2026, the White House introduced two executive orders—“Ushering in the Next Frontier of Quantum Innovation” and “Securing the Nation Against Advanced Cryptographic Attacks.” These directives are designed to boost U.S. leadership in quantum computing, sensing, networking, and commercialization while also accelerating the transition of critical federal systems to NIST-approved post-quantum cryptographic standards.

The executive actions build upon several years of federal investment and policy development in quantum science and security. Key milestones include the National Quantum Initiative Act of 2018, federal planning efforts for post-quantum cryptography adoption, NIST’s publication of finalized post-quantum encryption standards in 2024, and the Department of Commerce’s recent proposal of more than $2 billion in CHIPS-related incentives aimed at strengthening the domestic quantum ecosystem.

According to BTQ, the growing policy focus highlights the need for secure and reliable quantum technologies capable of supporting governments, businesses, and critical infrastructure providers as quantum computing advances from experimental research into real-world implementation, procurement, and national security applications.

As Strategic Advisor, Pasco will contribute to BTQ’s U.S. growth strategy across multiple areas, including post-quantum cybersecurity solutions, hardware-based cryptographic acceleration, secure digital asset infrastructure, and quantum software technologies. He will collaborate closely with the company’s leadership team to identify public-private partnership opportunities, support policy engagement efforts, and enhance BTQ’s position within the developing U.S. quantum security landscape.

“Quantum technology is evolving from a research focus into a matter of national infrastructure,” said Olivier Roussy Newton, Chief Executive Officer of BTQ Technologies. “Recent developments in U.S. policy underscore the need for trusted solutions that governments, enterprises, and critical networks can depend on. Brandt’s extensive experience in government, national security, regulation, and business development will be instrumental in expanding our engagement with federal agencies and strategic partners as the industry matures.”

Pasco brings more than 20 years of experience spanning government service, legal affairs, private equity, venture capital, and technology commercialization. His public-sector career includes roughly 15 years serving in influential positions within the U.S. Congress, the Department of Defense, and the National Security Council. He later joined In-Q-Tel, Inc as Associate General Counsel, supporting investments in technologies aligned with U.S. national security objectives.

Beyond government service, Pasco has advised and helped grow a number of technology and manufacturing companies. He previously served as General Counsel for a business that secured contracts exceeding $1 billion in value. He currently leads Pasco & Associates as Managing Member, focusing on technology ventures, venture capital, regulatory strategy, and corporate formation.

“BTQ’s work sits at the convergence of quantum advancement, cybersecurity, and national security,” Pasco said. “As governments move from research initiatives toward deployment, procurement, and cryptographic modernization, organizations with strong technical expertise and proven execution capabilities will play a critical role. I look forward to helping BTQ expand its partnerships, strengthen strategic relationships, and align with policy priorities as it grows its U.S. presence.”

Pasco earned a Juris Doctor degree from Georgetown University, where he later taught as an adjunct professor. He also holds a master’s degree from the University of Chicago and a bachelor’s degree from the University of Kansas.