Banks and financial regulators across Europe, the Middle East, and Asia are testing infrastructure designed to protect digital asset wallets and onchain transfers from quantum computing threats. The pilot, led by the Responsible Fintech Institute (RFI) and Safeheron, employs ML-DSA-65—a post-quantum digital signature standard developed by the US National Institute of Standards and Technology—on a NEAR testnet.
The initiative involves regulators such as Abu Dhabi Global Market, Bhutan’s Gelephu Financial Services Office, and Malta’s Financial Services Authority, alongside institutions including Bison Bank and DK Bank. These participants are evaluating the technology’s application in wallet generation and secure transfers, with a white paper detailing research and protocol design set for publication.
The pilot aligns with a 2025 Bank for International Settlements (BIS) paper urging financial institutions to prepare for quantum-related risks through phased migration to post-quantum systems. Hong Kong’s Monetary Authority has set a target to achieve full quantum-related security readiness by 2030, reflecting growing global focus on cryptographic resilience.
The project aims to open-source its findings, potentially accelerating adoption of quantum-resistant protocols in financial systems. The testnet phase underscores efforts to address long-term security challenges as quantum computing capabilities advance.
Written by Rebecca Shaw
Industry Desk
