SAMKoin, the utility cryptocurrency coin developed by Smart Asset Management (SAM) Digital Technologies, opened its successful pre-order run this month, its founding chairman Rommel Santos stated.
SAMKoin serves as a transaction tool “that makes it easy to record in the blockchain's necklace.”
The official pre-order for the cryptocurrency comes as the number of SAM members breached over 12,000 members across the globe in just a few days after its incorporation. SAM members comprise the SAM ecosystem and will have access to a variety of traditional businesses as well as digital-focused enterprises that offer financial opportunities.
“The conventional method of the entrepreneurial journey through sharing economy is now fully understood. You should be proud that SAMKoin is a utility coin that gets recognition from those two important sources, ” Santos. These are the Austrac of Australia and the Securities and Exchange Commission and the Bangko Sentral ng Pilipinas, including an Electronic Money Issuers license, that allows it to conduct e-money transactions.
In addition, SAM is also processing compliance requirements with the regulatory bodies in Malaysia and Indonesia.
According to Santos, one of the major advantages of the SAMKoin is the “complimenting system with complimenting ecosystem” within SAM. This complimenting ecosystem “has 17 conventional businesses that have their niche market and this is very unique.”
The conventional businesses include remittance, logistics, agriculture, delivery services, petroleum, online universities, and others.
He explained that the global COVID-19 pandemic offers unprecedented opportunities for the fintech sector, particularly the use of cryptocurrencies, as Santos expects the digital lifestyle to ride a robust tide in the months ahead.
“The potential of the digital technologies right now is actually 10 years ahead of the conventional technology that has long been in place. So, I think, people need to look at the digital side of everything,” Santos said. “What I suggest is that they enhance the digital services that they are offering to people. Because, right now, it’s about adaptation.”
Commenting on the importance of SAMKoin’s function as a transaction tool to record in the “blockchain’s necklace,” he said that both the SAM Digital Technologies and the SAM Project Development have received licenses for business by the SEC and the BSP.
“As a license holder, all statements and transactions within the SAM system are recorded in the blockchain. SAM should also be compliant with the Anti Money Laundering (AML) rules. Therefore, SAM’s reporting agency is responsible for keeping its customer’s assets safe and secure,” he said.
Santos went on to say that SAMKoin should comply with all regulatory protocols, including transparency protocol so that all the data are “kept in perpetuity” and unchanged, which is the most important level of security as required by the SEC and the BSP.
He listed 10 uses of SAMKoin: 1) Buying SAMPD Subscription; 2) Buying Members Acceleration Program; 3) Trading on global Exchangers; 4) HODL; 5) Redeemable Points convert to SAMKOINs; 6) Cash out or Sell/Visa Card Transfer; 7) Shopping; 8) Merchant payment. (SAMKOIN Accepted Here). Local laws apply; 9) Utility/ Household bill payment; and 10) Community utilization.
