Cyprus to unleash blockchain and fintech development
VeChain Foundation, a Singapore-registered legal entity with focus on building public blockchain solutions, and Cream, a US-registered company with a focus on blockchain project strategic advisory and investments, will establish a partnership in Cyprus focused on the development and implementation of blockchain solutions.
For this, the two firms have joined forces with Invest Cyprus, the national investment partner of the Republic of Cyprus.
The three companies have signed a memorandum of understanding (MoU) for a “strategic collaboration” – to establish a framework for blockchain initiatives.
“This collaboration signifies a change in direction towards a prosperous Cyprus in the next digital age,” Invest Cyprus states.
“To facilitate a new digital age through blockchain technology VeChain and Cream will make suggestions to Invest Cyprus including policy reform that enables blockchain as an underlying infrastructure for operations and financial services,” it explains.
“The parties will work together to accomplish several national level investment strategies involving the advancement of blockchain technology and blockchain powered economies. This cooperation will show the use of blockchain technology in financial services, investments and economic reform moving into many other aspects of society, in the context of government policy developing a new era of blockchain technology in Cyprus.”
According to Cyprus Invest, this tie-up “represents the single largest venture into blockchain technology in Cyprus to date and aims to introduce a new framework that is transparent, fair, and in compliance with AML and KYC, EU laws, regulations and best practices, which will also create value and further improve economic development on Cyprus”.
Jackson Fu, co-founder and managing partner of Cream, says Cyprus is “the first nation to fully support the development of the blockchain technology” and the initiative is “a wonderful opportunity to make trust and fairness commonplace in the next digital age”.
To VeChain’s co-founder and CEO, Sunny Lu, the partnership demonstrates “the true competency for global change embedding trust, transparency, and fairness to the core of our society”.
Michalis P. Michael, chairman of Invest Cyprus, says his company wants to be at the forefront when it comes to the fintech and blockchain sectors development. Invest Cyprus is the government’s dedicated partner responsible for attracting and facilitating foreign direct investment (FDI) in the country’s key economic sectors.