Cyprus embarks on new era of blockchain technology

Cyprus embarks on new era of blockchain technology

Invest Cyprus, the country’s national investment partner, has signed an MoU with public blockchain service creator VeChain Foundation and blockchain project strategy advisory Cream to introduce DLT in Cyprus.

VeChain Foundation and Cream will partner to advise Invest Cyprus on policy that will ensure that blockchain is used for operations, investments and economic reform in financial services in what will be the single largest venture into the technology that Cyprus has embarked on.

In compliance with AML and KYC, EU laws, regulations and best practices, this is an attempt to improve economic development in Cyprus and embed trust, transparency and fairness into the core of society, says Sunny Lu, co-founder and CEO of VeChain.

Michalis P. Michael, chairman, Invest Cyprus, says "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."

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