Invest Cyprus has teamed with blockchain startup VeChain and blockchain advisory firm CREAM to explore blockchain use cases in Cyprus.
Invest Cyprus is a non-profit national body and the government’s dedicated partner responsible for attracting and facilitating foreign direct investment (FDI) in key economic sectors. It promotes the enhancement of the country’s competitive environment, advocating reform and maximizing FDI, for the economic and social benefit of Cyprus.
Invest Cyprus’ partnership with VeChain and CREAM is focused on establishing a framework in the field of blockchain technologies and related use cases. VeChain and CREAM will create a joint entity in Cyprus to assist the government in the development and implementation of blockchain solutions. They will also advise Invest Cyprus regarding policy reforms that would enable blockchain as an underlying infrastructure for operations and financial services. These reforms must be transparent, fair, and in compliance with AML/KYC policies, EU laws, regulations and best practices, which will also create value and economic development in Cyprus.
“The plans unfolding in Cyprus should open the world to what is achievable by investing in new technologies,” said Michalis P. Michael, Chairman of Invest Cyprus. “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.”
VeChain and CREAM will also help Invest Cyprus in developing several national level investment strategies, which involve the advancement of blockchain technology and blockchain powered economies. The goal is to show the real-life utilization of blockchain in financial services, investments and economic reform.
“Cyprus as a nation represents a wonderful opportunity to make trust and fairness commonplace in the next digital age,” said Jackson Fu, Co-Founder and Managing Partner of CREAM. “As the first nation to fully support the development of the blockchain technology, along with our partners, we will assist the nation to attract projects and talents from around the world increasing the vivaciousness of development building an ecosystem out of blockchain technology. 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.”
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