VeChain Foundation and CREAM to Collaborate with Cyprus for Blockchain Development
According to the press release published on October 26, the VeChain Foundation-a Singapore-based blockchain platform, a U.S blockchain startup namely CREAM, and the Invest Cyprus-the national investment partner of the Republic of Cyprus have collaborated and signed a Memorandum of Understanding (MoU) in order to support the Blockchain advancement. The Memorandum aims to set up a framework in the field of blockchain technologies and the associated use cases.
As per the MoU, the firms will work collaboratively on various national level investment strategies, which consists of blockchain-led economies and encourage blockchain technology specifically in financial services.
The contract also focuses on informing the government regulation making in the crypto and blockchain industry in addition to assisting the economic development in Cyprus.
The proposed reformations will apparently accede with the regulatory framework such as Anti-money laundering (AML), Know Your Customer requirements (KYC), E.U Law, and other regulations.
In the verge to complete the defined objectives, VeChain and CREAM will purportedly discover a joint venture in Cyprus that will support in the development and execution of the blockchain technology.
Chairman of Invest Cyprus- Michalis P.Michael stated that Invest Cyprus considers blockchain as a both evolutionary and economically therapeutic at the infrastructure level.
He further added:
“We are investing our capital in the advancement of blockchain sector, fintech, and we intend to be at the topmost position so that we can support investments and fiscal developments in Cyprus and the region.”
Last year, in the month of November, the Cyprus Securities and Exchange Commission(CySEC) proclaimed its plans to incorporate blockchain in its electronic payments system through collaboration with the Blockchain Technology for Algorithmic Regulation and Compliance Association (BARAC).
With the introduction of the blockchain-powered electronic payment system, the consumers will be able to gain several benefits from it like faster transactions, deducted fees, and enhanced payment transparency.
Reportedly, in summers, VeChain and Global Logistics provider DB Schenkar collaboratively created a blockchain-powered supplier evaluation system to mark DB Schenker’s third-party logistics in China. The defined system will rank partners on the basis of the stored information for services such as packaging, transportation, and the quality of goods.