Insider Business Invest Cyprus welcomes blockchain technology

Invest Cyprus welcomes blockchain technology

Invest Cyprus has signed a memorandum of understanding with VeChain Foundation, a Singapore-based entity which specialises in blockchain technology application, and the American organisation CREAM, which provides advisory services for projects and investments in the blockchain area.

The objective is to create a new framework of cooperation in the blockchain sector and the relevant applications of this technology in Cyprus. VeChain and CREAM will create a joint legal entity in the country, which will provide suggestions for policy reforms as well as for the creation of the necessary legal framework that will regulate the application of blockchain technology in Cyprus’ financial sector.

This collaboration represents a significant step towards the establishment of this technology on the island, with a view to reinforce the effectiveness and the transparency of the system and consequently, the competitiveness of Cyprus as a business and investment centre. The aim is to promote a framework of reforms which safeguards the transparency of transactions and which is fully in line with the relevant EU and international laws and regulations, pertaining to the prevention of money laundering (AML, KYC, etc.).

Chairman of Invest Cyprus, Michalis P. Michael said the Organisation, as the competent institution for the promotion of investment into Cyprus and the government’s trusted advisor on related matters, considers the technology is revolutionary. “We are investing in the development of fintech and blockchain technologies and we plan to be at the forefront of this effort, so that we can facilitate investments and economic growth in Cyprus and the wider region,” he underlined.

The co-founder and CEO of VeChain, Sunny Lu, underlined that blockchain technology represents something bigger than a mere business activity.

As she said, it is an indicator of the potential for global change and the shift towards societies that have trust, transparency and justice embedded at their core.

The Managing Partner of CREAM, Jackson Fu, underlined that Cyprus represents an exceptional opportunity to make the principles of transparency and justice commonplace in the new digital era, adding that they will help create the appropriate conditions supported by law, so that ventures related to blockchain technology can find a favourable environment to create, develop and thrive.

Top Stories

Latest on the worldwide spread of the coronavirus

Latest update: 26/05/2020 08:23 European countries need to join forces to shield their banks, one of the bloc's top regulators said, potentially using a 500...

Fujifilm research into COVID-19 drug spills into June, dashing hope of May approval

    Research into Fujifilm Holdings Corp's Avigan  (generic name Favipiravir) will continue into June, Japan's government said on Tuesday, effectively dashing hopes by Prime Minister...

Paphos: Nicosia bakery robbery suspect arrested

  After a week on the run, a 33 year old man wanted in connection with a robbery in Nicosia has been arrested in the...

379 booked for traffic offences overnight

  Police said that they had checked 279 vehicles with 290 passengers as part of stepped up checks last night and reported 373 offences for...

Open restaurants in Barcelona

A woman puts a protective mask on a dog as she sits at an outdoor seating section of a restaurant at Ramblas, as some...

Taste

Traditional salads that will blow your mind away

This traditional salads will make you actually love salads! Cyprus may be famous for souvla and kleftiko but if you try the traditional salads with...

Honey Balls

As you stroll down Onasagorou street in the old city of Nicosia and suddenly feel the need for something sweet, follow the smell of...

Octopus with Oregano

Ingredients: (Serves 4) 1 kg octopus ½ tsp dry oregano Pepper 3 tbsp olive oil 2 tbsp vinegar or lemon juice Preparation: Clean the octopus thoroughly under cold running water. Place the octopus...

Fish meatballs

In a bowl, mix the finely chopped onion and parsley. Boil the fish, cut into small pieces and add to the bowl. Add salt...