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.
Bonar intends to identify new partners for Relex investors, earmarking over $150 million as his goal. He will be assisted by OPORA RUSSIA, a non-government agency that specializes in small and medium-sized enterprises. Bonar has worked in Russia since 1993. During this time, he spent 18 years living in the country, including time as the UK representative on the Board of the Association of European Businesses in Russia. He recommended the port of Vladivostok as a new centrality for Relex for its proximity to Japan, Korea, and China.
Two cryptocurrency agencies have also recently been established in Vladivostok, a crypto-advisory and crypto-detective agency. The Russian government’s selection of Vladivostok to host these agencies at the Vladivostok State University of Economics and Service signals the city as a Russian cryptocurrency hub.
Relex is also actively expanding into Southeast Asia and South Asia in the areas of real estate and infrastructure development. The team is acquiring land banks in these territories, as well as Russia, to serve as future development sites for Relex proxy developers.
The RLX token will be offered on two additional exchanges this week: Sistemkoin, based in Turkey, and Nebula, housed in Singapore. Sistemkoin, the largest cryptocurrency exchange in Turkey, is partnered with subsidiaries of Sberbank, owned by the Central Bank of Russia.