Banks and regulators join quantum‑resistant crypto transfer pilot

Financial institutions and regulators across Europe, the Middle East and Asia have begun a joint pilot to evaluate quantum‑resistant technology for digital‑asset wallets and on‑chain transfers. The effort is coordinated by the Responsible Fintech Institute (RFI) and custody provider Safeheron.

Pilot scope and technology

The test uses a multiparty computation protocol that supports the ML‑DSA‑65 digital‑signature algorithm, a post‑quantum standard published by the U.S. National Institute of Standards and Technology (NIST). The protocol runs on a quantum‑resistant NEAR testnet.

Participants

Regulatory observers include Abu Dhabi Global Market, Bhutan’s Gelephu Financial Services Office and Malta’s Financial Services Authority. The banking participants are Bison Bank and DK Bank, which will generate wallets and execute transfers within a shared application environment.

Governance and future steps

Regulators will monitor the first phase and later join a governance workstream, with involvement levels varying by institution. The organizers intend to publish a white paper detailing the research, protocol design and test results, and eventually open‑source the underlying technology.

Context

The pilot responds to growing concerns that quantum computers could compromise current public‑key cryptography. The Hong Kong Monetary Authority has set a target to secure its banking sector against quantum risks by 2030, and a 2025 BIS paper recommended coordinated, phased migrations to post‑quantum systems.