Banks, regulators join quantum-resistant crypto transfer pilot
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Banks and financial regulators from Europe, the Middle East, and Asia have launched a pilot program to test quantum-resistant infrastructure for digital asset wallets and onchain transfers. The Responsible Fintech Institute (RFI) and crypto custody provider Safeheron announced the initiative, which uses a multiparty computation protocol supporting ML-DSA-65, a post-quantum digital signature standard by NIST, on a quantum-resistant NEAR testnet. Participants include regulators such as Abu Dhabi Global Market, Bhutan’s Gelephu Financial Services Office, Malta’s Financial Services Authority, and banks like Bison Bank and DK Bank.
Why it matters
The pilot addresses the emerging threat quantum computers pose to public-key cryptography, aiming to build resilient digital asset security infrastructure ahead of this risk. Financial authorities are preparing for quantum-related security challenges, with some, like the Hong Kong Monetary Authority, targeting full sector readiness by 2030. The pilot’s findings and technology will be shared via a white paper and open-source release, potentially guiding wider industry adoption.
Key context
The pilot leverages ML-DSA-65, a post-quantum digital signature standard published by the US National Institute of Standards and Technology (NIST). Quantum computers could compromise current cryptographic systems, prompting coordinated moves by central banks and regulators. A 2025 paper from the Bank for International Settlements has urged financial institutions to start migrating to post-quantum cryptography, underscoring the growing concern. The project tests wallet generation and transfers in a shared environment, with regulators observing and contributing to governance.
Key numbers and entities
The Responsible Fintech Institute (RFI), Safeheron, Abu Dhabi Global Market, Bhutan’s Gelephu Financial Services Office, Malta’s Financial Services Authority, Bison Bank, DK Bank, the US National Institute of Standards and Technology (NIST), and the Hong Kong Monetary Authority are involved. The pilot uses a multiparty computation protocol supporting ML-DSA-65 on a NEAR testnet. No specific numerical results or timelines beyond 2030 preparedness and a 2025 BIS paper are provided.
What remains unclear
The source does not specify the duration of the pilot, detailed technical implementation results, or the exact roles and contributions of each participant beyond general descriptions. It also does not clarify when the white paper or open-source technology will be published or how widely the results might be adopted in the broader financial and crypto sectors.