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VeChain Project Signs a Memorandum of Understanding with the State of Cyprus to Develop Blockchain Technologies

VeChain Project Signs a Memorandum of Understanding with the State of Cyprus to Develop Blockchain Technologies

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Answer VeChain Project Signs a Memorandum of Understanding with the State of Cyprus to Develop Blockchain Technologies

The VeChain project, CREAM and the national investment partner of the Republic of Cyprus (Invest Cyprus) announced through a press release the signing of a Memorandum of Understanding aimed at creating an appropriate framework for the development of the field of blockchain technologies and the search for suitable use cases.

Under this memorandum, a number of investment strategies will be worked out at the Cyprus state level, which include macro-powered economies and the promotion of blockchain technology, especially in the field of financial services. The agreement also aims to facilitate economic development in the State of Cyprus.

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The press release stated that appropriate proposals will be made to develop the necessary legal procedures such as Anti-Money Laundering (AML) and Know-The-Customer (KYC) systems to be compatible with European Union regulations.

To achieve the set goals, it has been reported that VeChain and CREAM will work on a joint venture in Cyprus aimed at assisting, developing and implementing blockchain solutions. This step comes as part of Cyprus’ plan to invest in the field of information and communications technology and facilitate investments in the region.

It is worth noting that the Cyprus Securities and Exchange Commission (CySEC) has previously announced its plans to integrate blockchain technologies into its electronic payment systems in cooperation with Blockchain Technology.

With the launch of the electronic payment system based on blockchain technology, it is expected that it will positively reflect on adding many advantages to customers such as increasing the speed of currency processing, reducing fees and increasing the level of transparency.

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Last summer, the VeChain project and logistics provider DB Schenke collaborated to develop a blockchain-based supplier evaluation system that works on all data related to logistics such as packaging, transportation, and quality of goods and products.


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