Cyprus to collaborate with VeChain for blockchain development

Invest Cyprus, the national Investment partner of the Republic of Cyprus, VeChain Foundation, a Singapore registered legal entity with focus on building public blockchain solutions, and CREAM, a USA registered legal entity with focus on blockchain project strategic advisory and investments, are announcing that the parties have signed a MoU for strategic collaboration. The essence of this MoU is to establish a framework for the basis of cooperation in the field of blockchain technologies and related use cases. This collaboration signifies the change in the direction to a prosperous Cyprus in the next digital age.

VeChain Foundation and CREAM will establish a joint entity in Cyprus assisting in the development and implementation of blockchain solutions. To facilitate a new digital age through blockchain technology the two parties will make suggestions to Invest Cyprus including policy reform that enables blockchain as an underlying infrastructure for operations and financial services.

“Just as the blockchain technology represents something much bigger than business and money, this partnership represents the true competency for global change embedding trust, transparency, and fairness to the core of our society," says Sunny Lu, Co-Founder, and CEO of VeChain

The parties will work together to accomplish several national level investment strategies involving the advancement of blockchain technology and blockchain powered economies. This cooperation comes to show the real-life utilization of blockchain technology in financial services, investments and economic reform moving into many other aspects of society, in the context of the Government policy developing a new era of blockchain technology in Cyprus.

"As the first nation to fully support the development of the blockchain technology, along with our partners, we will assist the nation to attract projects and talents from around the world increasing the vivaciousness of development building an ecosystem out of blockchain technology. In turn, we will help blockchain related projects to find a home where they will be supported and protected by the law to create, develop and thrive," Jackson Fu, Co-Founder and Managing Partner of CREAM explains.

The initial scope of the collaboration consists of the blockchainization in areas which will announce as the project matures. This cooperation represents the single largest venture into blockchain technology and intends to suggest reforms that are transparent, fair, and in compliance with AML and KYC, EU laws, regulations and best practices, which will also create value and economic development on Cyprus.

"The plans unfolding in Cyprus should open the world to what is achievable by investing in new technologies. Invest Cyprus as a promoter of Cyprus Investment opportunities and advisor to the Government of Cyprus in the investments space, sees this technology as both transformational and fiscally restorative at the infrastructure level. 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," states Michalis P. Michael, Chairman of Invest Cyprus.