Banks and financial regulators across Europe, the Middle East and Asia have joined a pilot program to test quantum-resistant infrastructure for digital asset wallets and onchain transfers. In the initial phase, regulators from Abu Dhabi, Bhutan and Malta are taking part as observers.
The initiative was announced Monday by the Responsible Fintech Institute (RFI) and crypto custody infrastructure provider Safeheron.
The pilot runs on a quantum-resistant NEAR testnet
The project uses a multiparty computation protocol that supports ML-DSA-65, a post-quantum digital signature standard published by the US National Institute of Standards and Technology. Testing is being carried out on a quantum-resistant NEAR testnet.
Regulators and banks are participating at different levels
According to RFI, the participating regulators are Abu Dhabi Global Market, Bhutan’s Gelephu Financial Services Office and the Malta Financial Services Authority. The financial institutions in the pilot are Bison Bank and DK Bank.
Under the program, the banks will test wallet generation and transfers in a shared application environment. Regulators will observe the first phase and later contribute to a governance workstream, though participation levels will vary by institution.
White paper and open-source plans are part of the roadmap
The organizers said they plan to publish a white paper covering the research, protocol design and test findings. They also intend to open-source the underlying technology at a later stage.
The launch comes as authorities prepare for quantum-related security risks
The pilot comes as financial authorities prepare for a future in which quantum computers could weaken public-key cryptography. The Hong Kong Monetary Authority has said it aims to make Hong Kong’s banking sector fully prepared for quantum-related security risks by 2030.
Separately, a 2025 paper from the Bank for International Settlements urged financial institutions to begin coordinated, phased migrations to post-quantum systems.