The Central Bank of Russia in Moscow, pictured above.

Relex advisor Paul Goncharoff entered the Corporate University of the Bank of Russia in the small municipality of Odintsovo outside Moscow with a singular purpose: to advance to the second stage of the Russian Central Bank’s sandbox program.

Relex intends to begin the 45-day admission countdown to the Central Bank of Russia’s fintech sandbox program tomorrow, entering a shortlist of candidates for entry into the country’s economic backbone.

Relex had initially been sought out by the Russian Central Bank during the Yalta International Economic Forum in the spring, receiving a personal invitation from officials to apply for the fintech sandbox program. With Relex’s initiative in Vladivostok and growing business presence in Eastern Europe, its collaboration with Russian financial institutions seems inevitable.

Goncharoff, a native of Manhattan and graduate of Columbia University, has extensive experience in Russian business channels. He currently serves as an advisor to Albion Overseas Ltd., is the principal of Goncharoff LLC, and acts as a senior advisor to Relex.

Goncharoff is spearheading Relex’s entry into the sandbox Fintech program, a major step toward the government’s formal implementation of Relex.

“The sandbox works as a platform for modeling the processes of the use and application of innovative financial services, products and technologies,” according to Goncharoff. “Checks, assessment and testing of the positive effects if implemented are performed. Based on the results of such assessment, if positive, the service will be approved and a plan put in place to implement this new service or process.”

The sandbox program begins with a thorough application, which once submitted begins a 45-day procedural countdown to determine candidacy. With guidance directly from Mr. I. Zimin of the Central Bank of Russia, Relex intends to begin this countdown this week.

One entity to already successfully graduate from the sandbox program is Sberbank (whose subsidiaries are partnered with the cryptocurrency exchange Sistemkoin).

Russia’s procedural on-ramps for cryptocurrency companies set an example for other nearby countries, as Russia will gain from the financial benefits offered by cryptocurrency companies such as Relex. For example, Relex Development will bring funding to the fast growing resort city of Vladivostok, accelerating expansion of the major tourist hub near to Asia.

As more countries look to onboard legitimate cryptocurrency companies, Russia’s sandbox solution appears to be a model that can help separate the wheat from the chaff of cryptocurrency companies.

Relex is excited to take the next step in its collaboration with the Russian government and developing business opportunities in the country.