Blockchain, Featured

Cyprus Enters Global Blockchain Market; Signs High Level Partnership With Singapore-Based VeChain

The Republic of Cyrus’s national investment partner Invest Cyprus is now following the footsteps of Malta by entering into the global blockchain market. Recently the firm signed a high-level partnership deal with VeChain Foundation, a registered legal entity a company dedicated to building public blockchain solutions from Singapore. Apart from Invest Cyprus and VeChain, CREAM, an American registered legal entity is also a part of the MoU. CREAM’s working revolves around blockchain project strategic advisory and investments.

The essence of MoU signed by these three entities is to form a framework for cooperating in the field of blockchain technologies and related use cases. One of the important indications that this collaboration provides is that the country is moving towards a prosperous Cyprus adopting the latest in digital and innovative technology like blockchain and DLT.

It seems that small island countries are particularly diverting their attention to new digital asset class and blockchain. Prior to Cyprus, Malta attracted many crypto-based industries and created an atmosphere encouraging them to register subsidiaries on its island. And now Cyprus seems to be joining the bandwagon and with assistance from CREAM and VeChain Foundation will jointly develop and implement blockchain solutions.

Both CREAM and VeChain Foundation will make suggestions to Invest Cyprus to ensure that a new digital age favoring global blockchain market development in the country becomes possible, Cision PR Newswire reported. The suggestions include developing policy reform enabling blockchain as an integral part of an underlying infrastructure for conducting financial and operations services.

As per the report, both the parties will work together so that they can accomplish multiple national level invest strategies with a primary focus on blockchain technology advancement and blockchain-powered economies. The cooperation will also serve as an example of how blockchain technology’s real-life utilization can help in financial services, economic reform and investments, Captainaltcoin official website reported.

With the collaboration announcing the entrance of Cyprus in the global blockchain market, the country will very soon witness blockchain in areas which will be announced as the projects mature. The cooperation between these three companies is the single largest venture in the blockchain space and is expected to bring reforms that are fair, transparent and complies with KYC, AML, EU laws, regulations and best practices contributing towards the economic development of the country.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Sangati has graduated in biological sciences and also has completed P.G. Diploma in Mass Communication. She has an experience of 14 years writing for leading ad agencies, corporate and media houses, online news channels and websites. She is passionate about writing, reading, music and traveling. Sangati writes blockchain and cryptocurrency news for OWLT Market.

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