Kazakhstan’s Financial Services and Regulatory Committee (AFSA) has granted approval for Toncoin (TON) to be traded on regulated exchanges following an audit confirming the digital asset meets the financial regulator’s listing requirements.
Toncoin now joins a roster of 107 cryptocurrencies endorsed by the Kazakhstani government, which includes prominent names like TRON (TRX), Polygon (MATIC), Aptos (APT), Stellar (XLM), Avalanche (AVAX), as well as foundational digital assets Bitcoin (BTC) and Ether (ETH).
The Open Network, together with its native token TON, is gaining popularity as a preferred method for value transfer in developing economies. Leveraging Telegram’s extensive user base of over 800 million daily active users and its messaging platform, The Open Network introduces Mini Apps and facilitates in-app payments. According to TGStat, Kazakhstan alone hosts 55 million active Telegram users.
Within the TON ecosystem, blockchain gaming holds a pivotal role, with titles such as Hamster Kombat, Notcoin, Yescoin, and TonPotato capturing the interest of users seeking additional income opportunities.
A snapshot from TON Apps showcases various games available on TON’s app store. Source: TON Apps
Hamster Kombat, in particular, has garnered significant attention, prompting government officials to issue warnings and express concerns. Recently, Uzbekistan’s National Agency for Perspective Projects (NAPP), responsible for regulating online businesses and digital commerce, cautioned individuals interested in the game’s token.
The regulatory body clarified that since Hamster Kombat’s tokens are not onchain digital assets, they fall outside its regulatory oversight. While playing the game remains permissible within the country, the NAPP cautioned citizens about potential issues in withdrawing tokens should they migrate onchain in the future.
Despite the burgeoning TON ecosystem, challenges persist, as noted by Yu Xian, founder of SlowMist and a blockchain security expert. Xian highlighted an increase in phishing attacks on The Open Network amid its rapid expansion as a decentralized blockchain platform.
These attacks exploit TON’s integration with the Telegram messaging app, enabling scammers to create groups and distribute malicious links, Xian elaborated.
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