Singapore-based blockchain company VeChain Foundation, US-based blockchain firm CREAM and Invest Cyprus, the national investment partner of the Republic of Cyprus, have signed a Memorandum of Understanding (MoU). The Memorandum of Understanding focuses on creating a framework in the area of blockchain technologies and related applications.
Per the MoU, the parties will work on several national level investment strategies that include block-chain-driven economies and promote block-chain technology, particularly in the financial services sector. The pact also intends to advise government policy in the blockchain industry and facilitate economic development in Cyprus.
In line with the memorandum of understanding, the parties will work on multiple national investment strategies. The proposed reforms will allegedly conform to governing procedures such as anti- money laundering (AML) and know your customer (KYC) requirements, EU laws and established regulations.
In order to achieve the defined goals, Vechain and CREAM will establish a joint venture in Cyprus that will assist in the development and employment of blockchain solutions. Michalis Michael, Chairman of Invest Cyprus, said that the company looks at blockchain “as both transformational and fiscally restorative at the infrastructure level.”
Michel added
“We are investing in the development of the fintech, blockchain sector and we plan to be at the forefront so that we can facilitate investments and economic development in Cyprus and the region.”
In November last year, the cyprus securities and exchange commission (cysec) disclosed its motive to link blockchain into its digital payment structure through a cooperation with BlockchainTechnology for Algorithmic Regulation and Compliance Association (BARAC).
With the launch of the block-chain digital disbursement system, consumers beseem to profit from several advantages such as faster processing, decreased fees and advanced payment transparency.
This summer, Vechain and international logistics provider DB Schenker collectively built a blockchain-based supplier appraisal process to evaluate DB Schenker’s third-party logistics associates in China. The structure evaluates associates based on the documented data for facilities such as packaging, transport and quality of products.
