The VeChain Foundation has signed a Memorandum of Understanding (MoU) with the blockchain Startup CREAM, and the national investment partner of the Republic of Cyprus, Invest Cyprus. According to a press release uploaded on October 26, the MoU will be establishing a clear framework related to blockchain technology.

As per the official press release, these institutions will be working in many different national investment strategies. The main intention is to focus on the promotion of blockchain technology particularly in financial services. The reforms will be compliant with different regulatory procedures such as anti-money laundering (AML) and Know Your Customer (KYC). The MoU will be following the rules and the law of the European Union.

Michalis P. Michael, Chairman of Invest Cyprus, said that the company sees blockchain technology as a transformational and fiscally retroactive at the infrastructure level.

About it, he mentioned:

“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 is one of the most valuable virtual currencies and projects in the market. At the time of writing, VeChain (VET) is the 20th largest cryptocurrency by market capitalization with $607.59 million dollars. Each VET token can be bought for $0.010956 dollars.

Back in November of 2017, the Cyprus Securities and Exchange Commission (CySEC) informed that they were working with the Blockchain Technology for Algorithmic Regulation and Compliance Association (BARAC). The intention was to integrate blockchain technology into the national electronic payment system. In this way, it would have been possible to reduce certain costs and improve the overall efficiency of the system.

VeChain has also partnered with the shoe artist SBTG that worked on iconic designs for Nike and Kobe Bryant, Puma, Reebok and many other brands.

Furthermore, it seems that Cyprus is trying to imitate the economic decisions taken by Malta, another island country in the Mediterranean Sea. Malta has attracted an important number of cryptocurrency and blockchain-related firms with its clear and friendly legal framework.

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