VeChain And CREAM To Help Cyprus Develop And Implement Blockchain Tech
VeChain and CREAM will advise Invest Cyprus, the country's national investment partner, on everything project. The scope of the partnership will come as the project begins and matures.
Cyprus looks to boost its blockchain technology understanding, development, and implementation with MoU involving Invest Cyprus and blockchain platform VeChain and U.S startup CREAM.
VeChain and CREAM will advise Invest Cyprus, the country’s national investment partner, on everything project. The scope of the partnership will come as the project begins and matures.
VeChain Foundation to spearhead adoption
Singapore-based blockchain firm VeChain Foundation, U.S-based investment firm CREAM, and Invest Cyprus- the national investment partner of Cyprus- recently signed a Memorandum of Understanding (MoU) that allows for strategic collaboration on blockchain innovation and development.
As per the October 26 press release, the MoU seeks to establish a framework for the parties to collaborate with the focus on integrating blockchain technology and related use cases within Cyprus’ economy.
According to the MoU’s terms, the three entities are expected to foresee the development of several investment programs that would help elevate national investment strategies, using blockchain to power the economy, especially in the crucial financial services industry.
It is also expected that the agreement will help inform and give direction to policymakers within the government with regard to how to initiate projects within the blockchain industry.
These efforts should see the country’s reform agenda and policies utilize the emerging technology to spur economic development.
Blockchain regulatory framework
Apart from pursuing the use of blockchain technology in the country, the MoU also seeks to have the parties undertake the necessary steps to ensure projects comply with regulatory requirements.
An area of focus will, therefore, be to ensure that projects adhere to Anti-Money Laundering (AML) requirements, Know Your Customer (KYC) regulations and E.U. laws among other regulations.
Vechain and CREAM will work together to establish a joint venture with the primary aim of facilitating, developing, and implementing specific blockchain solutions.
Facilitating investment in the country
The Chair of Invest Cyprus Michalis Michael said that what the country has embarked should jolt the world into taking note of all that can be achieved when they invest in new technologies.
He added that blockchain technology is “transformational and fiscally restorative,” particularly at the critical level of putting the needed infrastructure in place.
“We plan to be at the forefront so that we can facilitate investments and economic development in Cyprus and the region.”
Co-founder and CEO of VeChain Sunny Lu said the agreement represented an opportunity to use blockchain to embed the values of transparency, trust, and fairness.
Invest Cyprus is responsible for bringing key foreign direct investment (FDI) to the country. As such, CREAM’s co-founder and managing partner Jackson Fu believes that the partnership will “assist the nation to attract projects and talents from around the world.”
Is Cryprus the next Malta?
Cyprus is among the countries on the frontline of promoting the adoption of blockchain technology by having an enabling environment set in place. That also includes the tiny Mediterranean and E.U member state Malta, often referred to as “Blockchain Island.”
Last November, the Cyprus Securities and Exchange Commission (CySEC) partnered with the Blockchain Technology for Algorithmic Regulation and Compliance Association (BARAC) to work on a joint project that sought to integrate blockchain technology in the agency’s electronic payment system.
The new blockchain-powered payment system affords users several advantages, including improved transaction speed, lowered costs and transparency within the payments system.
It illustrates the value of the new technology, and VeChain’s enterprise-ready blockchain solutions and experience in the Internet of Things (IoT) are likely to play a big role in shaping the fintech sector in Cyprus.