In­vestCyprus moves ahead with fin­tech strat­egy in Sin­ga­pore deal

Financial Mirror (Cyprus) - - CYPRUS -

In­vest Cyprus, the gov­ern­ment’s in­vest­ment arm seek­ing for­eign part­ners, has signed a mem­o­ran­dum of un­der­stat­ing to help de­velop Cyprus into a dig­i­tal fi­nance and blockchain tech­nolo­gies hub.

The MoU, signed with VeChain Foun­da­tion, a Sin­ga­pore reg­is­tered le­gal en­tity with fo­cus on build­ing pub­lic blockchain so­lu­tions, and CREAM, a US-reg­is­tered le­gal en­tity with fo­cus on blockchain project strate­gic ad­vi­sory and in­vest­ments, aims to es­tab­lish a frame­work for the ba­sis of co­op­er­a­tion in the field of blockchain tech­nolo­gies and re­lated use cases.

Ac­cord­ing to a state­ment, 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.

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 util­i­sa­tion 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,” the state­ment said.

Ac­cord­ing to the MoU, the ini­tial scope of the col­lab­o­ra­tion con­sists of the blockchain­i­sa­tion in areas which will be an­nounced 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.

“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,” ex­plained Sunny Lu, Co-Founder, and CEO of VeChain.

Jackson Fu, Co-Founder and Manag­ing Part­ner of CREAM said: “As the first na­tion to fully sup­port the de­vel­op­ment of the blockchain tech­nol­ogy, along with our part­ners, we will as­sist [Cyprus] to at­tract projects and tal­ents from around the world in­creas­ing the vi­va­cious­ness of de­vel­op­ment build­ing an ecosys­tem out of blockchain tech­nol­ogy.”

He added: “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.”

VeChain pro­vides a com­pre­hen­sive gov­er­nance struc­ture, a robust eco­nomic model, and IoT (In­ter­net of Things) in­te­gra­tion. It is re­garded a pi­o­neer of real-world ap­pli­ca­tions us­ing pub­lic blockchain tech­nol­ogy, with in­ter­na­tional op­er­a­tions in Sin­ga­pore, Lux­em­bourg, Tokyo, Shang­hai, Paris, Hong Kong and San Fran­cisco.

US-based CREAM is a lead­ing strate­gic ad­vi­sory and in­vest­ment firm uti­liz­ing blockchain and crypto-econ­omy to un­leash the po­ten­tial of en­ter­prises and star­tups around the world, with pro­fes­sion­als in Las Ve­gas, San Fran­cisco, Shang­hai, the Nether­lands, Aus­tralia, and Sin­ga­pore.

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