VeChain, a leading global enterprise-level public blockchain platform, has taken a huge step towards working with the Government of Cyprus. The company has now presented their solution for national-scale digitization to the Cyprus Securities and Exchange Commission (CYSEC).
The Asia-based organization also presented to accounting giant KPMG as part of their application to Cyprus’ Blockchain Innovation Hub, a project that was announced in September. This move from one of the big hitters in the blockchain world clearly shows the esteem in which Cyprus is already held and the potential it has to fulfill its blockchain aims.
Cyprus’ Safe Haven
VeChain utilized a particular arm of their platform called Safe Haven in the presentation. Safe Haven began life as a cryptocurrency security and inheritance platform, but since joining the VeChain stable it has broadened its reach to include enterprise security and the world’s first legal reference for distributed ledger/blockchain applications, users, and companies.
Back in November, Invest Cyprus, the country’s national investment partner, signed a memorandum of understanding with VeChain to build public blockchains, and the potential partnership with SafeHaven seems to have come about as a result of that. The options Safe Haven put forward include their core services, plus a blockchain-based payments solutions platform to help revolutionize the country’s economy.
In Cyprus we discussed with key players about the digital transformation of the island and how Safe Haven and VeChain can contribute to that. Our digital inheritance/payment/Thorblock v2/TAN solutions are ready to launch in 2019. Merry Christmas! #SHA #VET #OCE #VeFam $btc pic.twitter.com/W9Dl7apE4P
— Dimitrios Neocleous (@_DiNeocleous) December 23, 2018
Blockchain Friendly Island
Cyprus is no stranger to cryptocurrencies. In 2013, a financial crisis gripped the country that turned many residents towards Bitcoin, with many seeing it as a safer option than the national currency. This move helped Bitcoin rocket over $1,000, as the adoption proved to be that widespread. It seems that the country has been bitten by the blockchain bug, judging by the level of interest there is in making Cyprus, like Malta, a blockchain hub. The belief in blockchain and the amount of work behind the scenes came to light in September when the CYSEC announced the ‘Blockchain Innovation Hub’, which was set up in order to provide regulation for the host of blockchain startups they hope to attract.
The potential link up with VeChain demonstrates both Cyprus’ desire to implement blockchain extensively throughout the country’s financial and logistical infrastructure, and also their faith in VeChain and SafeHaven to deliver it.