Multinational banks and regulators launch quantum-resistant crypto transfer pilot

Huo Xing Finance News: The Responsible Fintech Institute (RFI), a financial technology institution, and Safeheron, a crypto asset custody infrastructure provider, have announced the launch of a pilot for quantum-resistant digital asset wallets and on-chain transfers, with participants from Europe, the Middle East, and Asia. The pilot operates on a quantum-resistant NEAR testnet using a multi-party computation protocol supporting the ML-DSA-65 standard. Participating regulatory bodies include Abu Dhabi Global Market, Bhutan’s Gelephu Financial Services Office, and Malta’s Financial Services Authority, with Bison Bank and DK Bank participating as financial institutions. Banks will test wallet generation and transfers in a shared application environment, while regulators will initially observe and later engage in governance workflows. The organizers plan to publish a white paper covering research, protocol design, and test results, with gradual open-sourcing of the underlying technology. The Hong Kong Monetary Authority aims to prepare Hong Kong’s banking sector to fully address quantum security risks by 2030, while the Bank for International Settlements’ 2025 report recommends that financial institutions migrate incrementally to quantum-resistant systems.