Banks and Regulators Unite in Quantum-Resistant Crypto Transfer Pilot

A group of banks and regulators from Europe, the Middle East, and Asia have joined a pilot project to test quantum-resistant infrastructure for digital asset wallets and on-chain transfers.

The initiative is led by the Responsible Fintech Institute (RFI) and Safeheron, a crypto custody infrastructure provider. The pilot uses a multiparty computation protocol supporting ML-DSA-65, a post-quantum digital signature standard published by the US National Institute of Standards and Technology.

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 participating as financial institutions. The banks will test wallet generation and transfers in a shared application environment, while regulators will observe the first phase and contribute to a governance workstream later.

The pilot aims to prepare for quantum computers that could undermine public-key cryptography. The Hong Kong Monetary Authority has set a target of making Hong Kong's banking sector fully prepared for quantum-related security risks by 2030.