Singapore-based blockchain platform VeChain Foundation, U.S. blockchain startup CREAM, and the national finance partner of the Republic of Cyprus, Invest Cyprus, have approved a Memorandum of Understanding (MoU), per a press release published Oct. 26, 2018. The MoU is centered on installing a framework in the area of blockchain technologies and related use cases.
Per the MoU, the companies will work on many national-level financing strategies, which include blockchain-powered economies and support blockchain technology, especially in financial services. The agreement also aims to notify government policy-making in the blockchain industry, an extension to facilitating economic development in Cyprus.
The suggested reforms will purportedly comply with supervisory procedures such as AML (Anti-Money Laundering) and KYC (Know Your Customer) requirements, E.U. law, and different regulations.
To complete the assigned objectives, VeChain and CREAM will reportedly attain a joint venture in Cyprus, that will help in the development and implementation of blockchain resolutions. Michalis P. Michael, Chairman of Invest Cyprus, said that Invest Cyprus marks blockchain “as both transformational and fiscally restorative at the infrastructure level.” Michel continued:
“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.”
In November last year, the CySEC (Cyprus Securities & Exchange Commission) stated its intention to combine blockchain in its electronic payment system through a combination with the BARAC (Blockchain Technology for Algorithmic Regulation and Compliance Association).
With the start of the blockchain-based electronic payment system, customers are expected to get several benefits like faster transactions, reduced fees, and enhanced payment transparency.
This summer, VeChain and global logistics provider DB Schenker jointly stated a blockchain-based supplier evaluation system to score DB Schenker’s third-party logistics associates in China. The operation will rate partners based on received data for services such as packaging, transportation, & the quality of goods.