Banks, regulators join quantum-resistant crypto transfer pilot

Banks and financial regulators across Europe, the Middle East, and Asia have launched a pilot program. This initiative aims to evaluate quantum-resistant infrastructure for digital asset wallets and on-chain transfers. The Responsible Fintech Institute (RFI) and crypto custody provider Safeheron jointly announced the program, focusing on secure quantum-resistant crypto transfer methods.

The pilot program utilizes a multiparty computation protocol that supports ML-DSA-65. This is a post-quantum digital signature standard established by the US National Institute of Standards and Technology. The technology is being tested on a quantum-resistant NEAR testnet. Participating regulators include Abu Dhabi Global Market, Bhutan’s Gelephu Financial Services Office, and Malta’s Financial Services Authority. Bison Bank and DK Bank are involved as financial institutions.

The participating banks will conduct tests on wallet generation and transfers within a shared application environment. Regulators will observe the initial phase and then contribute to a governance workstream, with varying levels of institutional involvement. Organizers plan to release a white paper detailing research, protocol design, and test findings. They also intend to open-source the underlying technology. The pilot program aims to improve security across various platforms, including some of the best crypto exchanges.

This pilot directly addresses the growing concern among financial authorities regarding the potential of quantum computers to compromise current public-key cryptography. The Hong Kong Monetary Authority has set a goal for its banking sector to be fully prepared for quantum-related security risks by 2030. A 2025 paper from the Bank for International Settlements also recommended that financial institutions begin coordinated, phased transitions to post-quantum systems.