Banks and financial regulators from Europe, the Middle East and Asia have initiated a pilot program to evaluate quantum-resistant infrastructure for digital asset wallets and on-chain transfers. The initiative, announced Monday by the Responsible Fintech Institute (RFI) and Safeheron, a crypto custody infrastructure provider, employs a multiparty computation protocol that supports ML-DSA-65, a post-quantum digital signature standard published by the U.S. National Institute of Standards and Technology.
The pilot operates on a quantum-resistant NEAR testnet, with participating regulators including Abu Dhabi Global Market, Bhutan’s Gelephu Financial Services Office and Malta’s Financial Services Authority. Financial institutions involved include Bison Bank and DK Bank, which will test wallet generation and transfers within a shared application environment. Regulators will observe the initial phase and later contribute to a governance workstream, with varying levels of participation across institutions.
Organizers plan to publish a white paper detailing research, protocol design and test findings, with the eventual goal of open-sourcing the underlying technology. The initiative reflects growing concerns among financial authorities about the potential threat posed by quantum computing to public-key cryptography.
Separately, the Hong Kong Monetary Authority has set a 2030 target for ensuring the city’s banking sector is fully prepared for quantum-related security risks. A 2025 paper by the Bank for International Settlements (BIS) previously urged financial institutions to begin phased migrations to post-quantum cryptographic systems.
