VeChain, a Singapore based blockchain platform, and the U.S. blockchain startup CREAM along with Invest Cyprus, the national investment partner of the Republic of Cyprus, have signed a Memorandum of Understanding (MoU) for creating a framework for blockchain and its related cases to enhance economy structure of Cyprus, as per a press release published Oct. 26

The parties will work upon many blockchain strategies to power the financial service of the country in a better way. investment strategies in the Government. This will, in turn, lead to an increased number of financial development through distributed ledger technology. The MoU will also focus on the development of the Blockchain Technology as well as its various applications in the country.

The key development areas would be Know Your Customer (KYC) requirements, Anti-Money Laundering(AML), and many more. The agreement also intends to inform the government policies regarding blockchain to the public.

Regarding this, Michalis P. Michael, Chairman of Invest Cyprus opined that using blockchain can help industries to get the kind of transformation envisoned lately. It can be used as a financially viable option at the infrastructural level. Moreover, the purpose of making Cyprus economically viable is easy to fulfil if the technology is explored in the right direction.