Banks and regulators across Europe, the Middle East and Asia began a pilot to test quantum‑resistant digital asset wallet and on‑chain transfer technology.

RFI said the participating regulators include Abu Dhabi Global Market, Bhutan’s Gelephu Financial Services Office and Malta’s Financial Services Authority, while Bison Bank and DK Bank are acting as financial institutions. The banks will generate wallets and execute transfers within a shared application environment.

The pilot uses a multiparty computation protocol that implements the ML‑DSA‑65 post‑quantum digital signature standard published by the U.S. National Institute of Standards and Technology on a quantum‑resistant NEAR testnet.

Regulators will observe the first phase and later contribute to a governance workstream, with participation levels varying by institution. Organizers plan to publish a white paper covering the research, protocol design and test findings and eventually open‑source the underlying technology.

The effort follows warnings that quantum computers could undermine public‑key cryptography; the Hong Kong Monetary Authority aims to have the banking sector prepared for quantum‑related security risks by 2030, and a 2025 BIS paper urged coordinated, phased migrations to post‑quantum systems.

The pilot is intended to evaluate the technology before broader adoption, and its outcomes may influence future regulatory guidance on quantum‑resistant crypto systems.