Banks and financial regulators from Europe, the Middle East, and Asia have joined a pilot project to test infrastructure for digital asset wallets and on-chain transfers that is secured against quantum attacks.
Responsible Fintech Institute (RFI) and crypto asset custody infrastructure provider Safeheron announced the initiative on Monday.
The pilot project uses the ML-DSA-65—a post-quantum digital signature standard published by the U.S. National Institute of Standards and Technology—via a multi-party computation protocol in the quantum-resistant NEAR test network.
RFI stated that participating regulators include the Abu Dhabi Global Market, the Gelephu Financial Services Authority in Bhutan, and the Malta Financial Services Authority. Bison Bank and DK Bank are participating as financial institutions.
Banks will test wallet creation and transfers in a unified application environment. Regulators will observe the first phase and later join in developing governance mechanisms. The level of participation will depend on the specific institution.
The organizers plan to publish a technical paper detailing the research, protocol design, and testing results, and over time open-source the underlying technology.
The pilot project comes as financial authorities prepare for the advent of quantum computers capable of compromising public key cryptography security. The Hong Kong Monetary Authority aims to make Hong Kong's banking sector fully prepared for quantum-related security risks by 2030. The BIS in a 2025 document recommended financial institutions begin a coordinated, phased transition to post-quantum systems.
Related: Ethereum Foundation Drops Poseidon as Part of Post-Quantum Plan
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