Invest Cyprus, the investment partner of the Republic of Cyprus has joined forces with top blockchain platform Vechain Foundation and U.S.-based blockchain startup, CREAM, in a bid to promote blockchain development in Cyprus. The three companies signed a Memorandum of Understanding on 26 October, and will be working towards creating a functional framework in the field of blockchain tech.

The MoU marks the single largest venture into blockchain and will see Vechain and CREAM come together to establish a joint venture in Cyprus. Both companies will advise and suggest reforms to Invest Cyprus with regards to developing and implementing blockchain solutions. Primarily, they will be working on several national-level strategies and proposing real-life use cases of blockchain tech to streamline economic and investment operations, as well as financial services in the region. The reforms will comply with Anti-Money Laundering (AML), Know Your Customer (KYC), and EU laws and regulations.

Michalis P. Michael, Chairman of Invest Cyprus, on speaking about the collaboration stated that:

Just as the blockchain technology represents something much bigger than business and money, this partnership represents the true competency for global change embedding trust, transparency, and fairness to the core of our society. Along with our partners, we are excited to showcase the true value of blockchain as supplemental technology and as an infrastructure to the world.