The Vietnamese Presidential Palace in Hanoi

A proponent for transparency and accountability for cryptocurrency companies, Relex expands its designs for regulatory compliance by seeking official approval from Vietnam.

Relex now has plans in place to receive official recognition from the United States’ FINRA organization, the Central Bank of Russia, and now the government of Vietnam.

“We are taking the steps necessary to do what we believe the cryptocurrency industry hasn’t yet done, which is really legitimize the cryptocurrency space into the institutions that operate in our world,” said Keith Hilden, CEO of Relex, to a group of investors and developers gathered together in Ho Chi Minh City, Vietnam on August 19.

Vietnam has been known for its pushback against cryptocurrency in recent months, outright banning the importation of mining hardware and strengthening the management of cryptocurrency use. The regulatory climate at first glance in Vietnam would seem to be against all digital currencies.

Yet conversations between the Relex team and decision-makers in Vietnam paint a different picture. These public officials have said that the current restrictions on cryptocurrency were prompted by scams, such as the headlining Sky Mining case.

However, there is a still a place, these officials suggest, for cryptocurrencies that go through the proper procedural steps for consideration to become recognized as nationally approved cryptocurrencies in Vietnam.

Relex’s intent is to follow these special procedural pathways laid out by its associates in Vietnam to demonstrate Relex’s benefits and to further contribute towards the growth and prosperity of the country.

Relex has already garnered much domestic support through its standing partnerships with FLC Group, Empire Group, Nam Hai, and other developers. It now seeks to formalize these partnerships by undergoing scrutiny from national governments across the world to demonstrate its legitimacy as a company and its ability to bring wealth to these nations.

“We are more interested in coalescing with the existing institutions rather than having more of an insular approach that we feel a lot of cryptocurrency companies have had to date,” Hilden said.

Relex is not a newcomer to regulatory compliance. On its team, Relex possesses executive members with extensive anti-fraud and bank executive backgrounds. In addition, it’s the only team in cryptocurrency with an IRS Enrolled Agent on its staff. Relex also recently was endorsed by an Ambassador to the United Nations.

While Relex will continue to operate as a legally responsible FDI solution for these companies even without official whitelisting (being compliant with all current regulations), national recognition as a cryptocurrency would serve as an example for other businesses seeking to use blockchain. The message is clear: the right way — abiding by regulations and rising to meet compliance goals — is the best way for emerging cryptocurrency companies to operate.

With many massive infrastructure and development projects failing due to insufficient funds, Relex provides a solution for developers that is long overdue.