TUESDAY, 13 NOV 2018

 

CONNECT

Facebook Linked In Twitter
Altamira_24/10-23/11_728x90px
Invest Cyprus 30/04-30/03/2019
IMH LTD

Christodoulides Expects Lute to Return to Cyprus

Lakkotrypis Calls for Promotion of Cyprus' Special Interests within EU Free Trade Agreements

IMH LTD
INB_1000_Eng_03/08-15/11_468x60px

SERVICES

brought to you by Barclays

Invest Cyprus Welcomes Blockchain Technology

Invest Cyprus Welcomes Blockchain Technology

Invest Cyprus has signed a memorandum of understanding with VeChain Foundation, a Singapore-based entity which specialises in blockchain technology application, and the American organisation CREAM, which provides advisory services for projects and investments in the blockchain area.

The objective is to create a new framework of cooperation in the blockchain sector and the relevant applications of this technology in Cyprus. VeChain and CREAM will create a joint legal entity in the country, which will provide suggestions for policy reforms as well as for the creation of the necessary legal framework that will regulate the application of blockchain technology in Cyprus’ financial sector.

This collaboration represents a significant step towards the establishment of this technology on the island, with a view to reinforce the effectiveness and the transparency of the system and consequently, the competitiveness of Cyprus as a business and investment centre. The aim is to promote a framework of reforms which safeguards the transparency of transactions and which is fully in line with the relevant EU and international laws and regulations, pertaining to the prevention of money laundering (AML, KYC, etc.).

In a statement, the Chairman of Invest Cyprus, Michalis P. Michael, mentioned that the Organisation, as the competent institution for the promotion of investment into Cyprus and the government’s trusted advisor on related matters, considers that the abovementioned technology is revolutionary. “We are investing in the development of fintech and blockchain technologies and we plan to be at the forefront of this effort, so that we can facilitate investments and economic growth in Cyprus and the wider region”, he underlined.

The co-founder and CEO of VeChain, Sunny Lu, underlined that blockchain technology represents something bigger than a mere business activity. As she said, it is an indicator of the potential for global change and the shift towards societies that have trust, transparency and justice embedded at their core. The Managing Partner of CREAM, Jackson Fu, underlined that Cyprus represents an exceptional opportunity to make the principles of transparency and justice commonplace in the new digital era, adding that they will help create the appropriate conditions supported by law, so that ventures related to blockchain technology can find a favourable environment to create, develop and thrive.

MORE ON SERVICES

Ship Management Generates 5.1% of Cyprus GDP in H1

The Cyprus ship management industry in the first half of 2018 generated revenue of ...

Contribution of Ship-Management Companies to the GDP of Cyprus Rises to the Highest Level since 2013

The Cyprus Shipping Chamber has welcomed the results of the newest “Ship Management ...

Invest Cyprus Welcomes Blockchain Technology

Invest Cyprus has signed a memorandum of understanding with VeChain Foundation, a ...

FROM AROUND GOLDNEWS

   

4th International Funds Summit: Panel Discussion on Latest Examples of the Use of Cyprus in the Alternative Investment Funds

The 4th International Funds Summit took place today 12th of November at the Hilton Park Hotel in Nicosia, and welcomed leading fund managers and administration ...
   

Anastasiades to brief National Council on Lute-Akinci meeting

The National Council, the top advisory body to the President on the Cyprus issue, convenes this morning in Nicosia, under the President of the Repubic Nicos ...
   

Moody’s: CBC Directive on Shell Companies Improves Anti-Money-Laundering Practices

Moody’s rating agency says that Cyprus Central Bank’s (CBC) new directive on shell companies is credit positive for Cypriot banks, because the ...
   

Exectus Ltd: A Complete Solution for Accounting, Auditing and Other Financial Services

Exectus Ltd announces the commencement of its operations in Cyprus from November 2018. Exectus holds the General and Audit practicing certificates from the ...
   

Pound Falls as Brexit Uncertainty Rises

The pound has fallen against the dollar amid political uncertainty as Prime Minister Theresa May struggles to broker an agreement on Brexit with her cabinet. ...
   

Alibaba Singles Day Sales Frenzy Surpasses Records

Alibaba invented the occasion to celebrate the unattached as an antithesis to the romantically involved on Valentine's Day. It is now the world's ...
   

Anastasiades has Brief Contacts with World Leaders in Paris

President of Cyprus Nicos Anastasiades had a series of brief contacts with world leaders in Paris, at the margins of events commemorating the centenary of the ...
   

US Assistant Secretary of State for Energy Resources to travel to Jerusalem, Nicosia and Cairo

The US State Department announced that Assistant Secretary of State for Energy Resources Francis R. Fannon will travel to Tel Aviv and Jerusalem; Nicosia, and ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Chelco_VAT_300x250px
Dale_Carnegie_Leadership_300x250px

IMH LTD