Blockchain-based investment platform Relex has expanded plans to enter Russia, seeking an office in the free port of Vladivostok and filing an application with the Central Bank of Russia for a trial balloon program. This move comes a few weeks after a successful summit at the Yalta International Economic Forum in Crimea. During the conference, the team was approached by representatives from the Central Bank of Russia, who suggested that Relex apply to a Fintech pilot program. This application has since been filed and is awaiting approval. Acceptance could provide opportunities such as proffering legal and regulatory help.
Leading the move to Russia is Chief Investment Adviser John Bonar, who has engaged with Russian advisers to aid in the Relex registration with the Russian Federation Ministry for Development of the Far East. Completion is expected by Q3. Bonar will begin a 90-day oversight project in Russia starting on the 30th of May. During this period he will obtain necessary permits, in addition to registering Relex as a locally incorporated company.