RFI and Safeheron Launch Post-Quantum Cryptography Pilot for Institutional Digital Assets

Quick Summary

The Responsible Fintech Institute and Safeheron have launched a cross-border pilot to test post-quantum cryptography for institutional digital assets. By utilizing NIST-standard digital signatures and MPC technology, the initiative helps banks and regulators secure financial infrastructure against future quantum computing threats through practical, multi-jurisdictional testing.

How Does Post-Quantum Cryptography Secure Digital Assets?

Post-quantum cryptography (PQC) is essential because traditional public-key encryption is vulnerable to future quantum computers. This pilot utilizes a multi-party computation (MPC) protocol supporting the ML-DSA-65 standard, which is the NIST FIPS 204 digital signature benchmark. By testing these protocols on the NEAR testnet, the initiative ensures that wallet generation and on-chain transfers remain resilient even as computing power evolves.

• NIST FIPS 204 compliance for digital signatures.
• MPC technology to eliminate single points of failure.
• Open-source code commitment to ensure independent security auditing.

"AI is accelerating the pace of change and likely bringing the quantum threat closer to reality — quantum-ready infrastructure has never been more critical, and the time to act is now," said Jag Foo, Chief Security & Policy Officer at Safeheron. "By integrating NIST's post-quantum signature standard with advanced MPC technology, we are building the architecture required to secure the next generation of financial networks. Safeheron has long advocated for open-source cryptography, because accountability and good governance demand it. We intend to open-source our PQC code. Cryptography securing institutional assets should stand up to independent scrutiny, not ask for trust."

Which Institutions Are Leading the Quantum-Safe Transition?

The initiative bridges the gap between technical engineering and regulatory governance. Led by Safeheron and the Responsible Fintech Institute, the pilot includes a diverse group of global financial regulators and commercial banks. These participants are evaluating cross-border interoperability and operational resilience to create a unified industry standard for quantum readiness.

• Regulators: ADGM (Abu Dhabi), GFSO (Gelephu), and MFSA (Malta).
• Banks: Bison Bank and DK Bank are among the first participants.
• Governance: A phased approach involving observer roles and whitepaper publication.

"No single bank, vendor, or regulator solves this alone," said Chia Hock Lai, Chairman of the Responsible Fintech Institute. "By bringing policymakers and financial institutions across jurisdictions together to test the same post-quantum architecture, and transparently sharing that research with every participant, we are building a compliance and security reference the whole industry can stand on — and a standard we all helped write."

What Are the Key Success Metrics for Quantum Readiness?

The pilot aims to move beyond theory by delivering concrete technical findings. Key metrics include the successful deployment of a 2-of-2 MPC design to preserve institutional control and the benchmarking of transition timelines. With the HKMA targeting full sectoral readiness by 2030, this pilot provides the necessary data for banks to meet upcoming supervisory expectations.

• 2-of-2 MPC participation design for institutional key ownership.
• 2030 target for full sectoral quantum-ready status in key regions.
• Open-source protocol release to maximize market-wide transparency.

"Preparing for the potential impact of quantum computing on the financial system requires early engagement, collaboration and a better understanding of how post-quantum technologies can operate in practice," said Alan Decelis, Head of Supervisory ICT Risk and Cybersecurity at the Malta Financial Services Authority. "The MFSA welcomes initiatives that bring together regulators, financial institutions and technology experts to explore these challenges in a controlled environment. Participating in this initiative provides a valuable opportunity to contribute a supervisory perspective while developing our understanding of the operational, governance and resilience considerations associated with the transition towards quantum-safe financial services."

FF NEWS TAKE:

This initiative definitely moves the needle by shifting the conversation from "if" to "how" regarding post-quantum cryptography. While many firms treat quantum threats as a distant problem, the involvement of ADGM and MFSA signals that regulators are ready to codify these standards. Safeheron’s commitment to open-source PQC code is a bold move that sets a high bar for transparency in institutional custody.