The crypto industry is taking its first steps toward the quantum era, and this step is an interregional pilot project announced by Responsible Fintech Institute (RFI) and Safeheron. The initiative brings together banks and regulators to practically test post-quantum cryptography in digital asset operations. This is not about theory, but about a real-world examination of how quantum-resistant infrastructure handles wallet generation and transaction execution.
The technological core of the program is a 2-of-2 MPC protocol integrated with ML-DSA-65, a digital signature standard established in NIST FIPS 204. This is not just a laboratory experiment: researchers intend to run the full cycle, from wallet creation to on-chain transfers in the quantum-resistant NEAR testnet. Particular attention is paid to cross-border compatibility, operational resilience, and compliance with governance requirements, which is critical for regulated financial institutions.
Who is participating and what is the role of regulators
The list of participants is impressive: regulators from Abu Dhabi Global Market, the Financial Services Authority of Gelephu (Bhutan) and Malta, as well as banks Bison Bank and DK Bank. In the first phase, government bodies act as observers, but in the next phase they will join governance matters. This signals serious interest from supervisory authorities in preparing infrastructure for future threats.
Following the testing, the authors plan to publish a white paper with a detailed description of the protocol design and the results obtained. Moreover, they intend to open the source code of the underlying technology for independent audit and further industry use. Such a step is rare for an industry where commercial secrecy is often prioritized over openness.
The launch of the pilot is directly linked to the need to prepare critical financial infrastructure in advance for the transition to post-quantum cryptography. The project should demonstrate how such solutions behave in real-world conditions of regulated organizations, rather than in an isolated environment. This is important because quantum computers capable of breaking current encryption algorithms are no longer science fiction—it is only a matter of time.
My view: The RFI and Safeheron initiative is a timely and strategically sound step. However, it is worth remembering that a testnet pilot is only the first stage. The real test will begin when the technology faces actual workloads and bureaucratic barriers across different jurisdictions. Nevertheless, open-sourcing the code and involving regulators from the outset is the right signal for an entire industry that often ignores long-term threats in pursuit of short-term gains.