On 26 October 2018, Singapore-based VeChain Foundation a blockchain technology platform, U.S. – based blockchain focused startup CREAM, and the national investment partner of the Republic of Cyprus, Invest Cyprus, had signed a Memorandum of Understanding (MoU) for strategic collaboration. The purpose of MoU fixated on creating a framework in the field of blockchain technologies and related use cases.
According to the Memorandum of Understanding, the parties will work on national level investment plans that promote blockchain technology and blockchain-powered economies, mainly in financial services. The MoU also purposes to notify government policies in the blockchain technology, furthermore to make easy economic development in Cyprus.
Furthermore, the suggested reforms, which are fair and transparent will purportedly compliance with regulatory procedures such as Know Your Customer (KYC) requirements, Anti-Money Laundering (AML), E.U. laws, and other best practices and regulations.
According to the reports, VeChain and CREAM will found a joint entity in Cyprus to complete the designated aims, that will assist in the implementation and development of blockchain solutions. Michalis P. Michael, Chairman of Invest Cyprus, said that Invest Cyprus sees
blockchain “as both transformational and fiscally restorative at the infrastructure level.” Michel added:
“We are investing in the development of the
Last year, in November, the Cyprus Securities and Exchange Commission (CySEC) formally declared its plan to amalgamate blockchain in its electronic payment system with the Blockchain Technology for Algorithmic Regulation and Compliance Association (BARAC).
The blockchain-based electronic payment system will help customers to obtain numerous advantages such as reduced fees, faster transactions, and improved payment transparency.