Small island countries seem to be particularly found of blockchain and new digital asset class. Malta is celebrated as a blockchain-friendly country that attracted many companies from the crypto industry to register subsidiaries on the Mediterranean island. It appears that Cyprus is willing to join the party as the government’s partner agency, Invest Cyprus signed a MoU with the Singapore-based VeChain Foundation which aims to facilitate blockchain adoption in Cyprus.
The third company that co-signed the MoU is an American blockchain advisory firm, CREAM.
The initial scope of the collaboration is the blockchainization different areas which will be announced as the project matures. This cooperation represents one of the largest ventures into blockchain technology and intends to suggest reforms that are transparent, fair, and in compliance with AML and KYC, EU laws, regulations and best practices, which will also create value and economic development on Cyprus.
“The plans unfolding in Cyprus should open the world to what is achievable by investing in new technologies. 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.” – Michalis P. Michael, Chairman of Invest Cyprus
Sunny Lu, Co-Founder, and CEO of VeChain added:
“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.”
This is great news for VeChain and the whole crypto market – a partnership with the investment arm for the national government further solidifies this nascent technology and enables more mainstream exposure.
VeChain Market Situation
The past couple of weeks have been quiet for VeChain, primarily because the whole market was stable and depressed and hasn’t seen any major changes. VET is currently traded at $0.011 which is a -2.62% drop in comparison to the last day.
With this new positive news and technical improvements in the ecosystem (OceanEX exchange and Arkane Network), the future looks bright for VeChain.
