Banks, regulators join quantum-resistant crypto transfer pilot

Banks and financial regulators across Europe, the Middle East and Asia have joined a pilot testing quantum-resistant infrastructure for digital asset wallets and onchain transfers. 

The Responsible Fintech Institute (RFI) and crypto custody infrastructure provider Safeheron announced the initiative on Monday. 

The pilot uses a multiparty computation protocol supporting ML-DSA-65, a post-quantum digital signature standard published by the US National Institute of Standards and Technology, on a quantum-resistant NEAR testnet.

RFI said participating regulators include Abu Dhabi Global Market, Bhutan’s Gelephu Financial Services Office and Malta’s Financial Services Authority, while Bison Bank and DK Bank are participating as financial institutions. 

The banks will test wallet generation and transfers in a shared application environment. Meanwhile, regulators will observe the first phase and contribute to a governance workstream later, with participation levels differing between institutions. 

The organizers plan to publish a white paper covering the research, protocol design and test findings and eventually open-source the underlying technology. 

The pilot comes as financial authorities prepare for quantum computers that could undermine public-key cryptography. The Hong Kong Monetary Authority aims to make Hong Kong’s banking sector fully prepared for quantum-related security risks by 2030. Separately, a 2025 BIS paper urged financial institutions to begin coordinated, phased migrations to post-quantum systems.