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.

The intersection of climate policy and international trade is emerging as one of the most significant challenges facing the Asia-Pacific region. This issue was at the heart of the Carbon Economics Salon Series held in Shenzhen on June 16, which brought together almost 100 academics, government officials, and business representatives. The event took place shortly before the APEC Forestry Ministerial Meeting scheduled for July 27–28, where the region’s transition toward greener economic models is expected to receive considerable attention.

Under the theme “Breaking through Green Barriers: Carbon Economy Governance and the Reshaping of International Trade Rules,” the event was jointly organized by Peking University HSBC Business School (PHBS) and the Institute of Carbon Neutrality at Peking University (ICN-PKU). Participants explored three closely related issues: the growing use of unilateral climate-related trade policies, disparities in the development of carbon markets, and the increasing application of artificial intelligence to carbon governance. These discussions also anticipated several issues likely to influence the broader APEC climate agenda later in the year.

During the opening session, Piao Shilong, vice president of Peking University and dean of ICN-PKU, together with Hai Wen, vice chair of the PKU Council and founding dean of PHBS, emphasized the need for a global carbon governance framework that is both coordinated and inclusive. Wang Pengfei, Boya Distinguished Professor at PKU and dean of PHBS, highlighted the importance of strengthening carbon pricing systems and expanding the use of market-oriented approaches to address emissions.

The keynote address was delivered by Thomas J. Sargent, the 2011 Nobel laureate in economics and honorary director of the PHBS Sargent Institute of Quantitative Economics and Finance. He argued that uncertainty surrounding climate and economic conditions should not delay action; instead, it should encourage earlier investment in green research and development, emissions mitigation, and forest preservation.

Jiang Kejun, professor and head of the Thrust of Carbon Neutrality and Climate Change at HKUST (Guangzhou), pointed to the period between 2030 and 2035 as a particularly important phase for China’s energy transformation, supported by the rapid expansion of renewable energy and electric vehicles. Wu Dengsheng, a professor at Shenzhen University, provided an overview of research in carbon economics and noted that China currently ranks second globally in terms of academic publications in the field.

Two roundtable discussions broadened the debate. The first focused on the increasing adoption of unilateral climate-related trade measures and the consequences these policies may have for fairness in international commerce. The second examined opportunities for cooperation on carbon markets, particularly in relation to countries and economies in the Global South. In his closing remarks, Zhang Haibin, Boya Distinguished Professor at PKU and vice dean of ICN-PKU, stressed the value of maintaining sustained dialogue and collaboration across academic and professional disciplines.

Overall, the salon demonstrated that carbon governance can no longer be viewed solely as an environmental issue. Trade policy, technological development, carbon markets, and international cooperation are becoming increasingly interconnected in shaping the global response to climate change. The event also provided a platform for PHBS and ICN-PKU to continue exchanging ideas on international climate governance and China’s “dual carbon” objectives. These issues are likely to gain further prominence as APEC economies expand their efforts toward coordinated climate action and a greener regional economy.

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