Banks Team Up with Regulators for Quantum-Resistant Crypto Transfer Pilot
The Responsible Fintech Institute (RFI) has launched a pilot project on the NEAR testnet, pairing banks with post-quantum cryptographic protocols to generate wallets and execute on-chain transfers. The pilot uses multi-party computation signing built on the NIST FIPS 204 ML-DSA-65 digital signature standard.
The project brings together financial institutions, regulators, and a digital asset custody technology firm, Safeheron, which is providing the cryptographic backbone. Bison Bank and DK Bank are participating on the banking side, testing the protocol under institutional conditions.
The regulatory bodies observing the pilot include the Abu Dhabi Global Market (ADGM), Bhutan’s Gelephu Financial Services Office (GFSO), and the Malta Financial Services Authority (MFSA). Their role is to participate in governance discussions and help align whatever emerges with existing regulatory frameworks.