Kazakhstan’s Financial Services and Regulatory Committee (AFSA) has given its approval for Toncoin (TON) to commence trading on regulated exchanges, following a thorough audit that confirmed the digital asset met the regulator’s listing standards.
Toncoin now stands among 107 cryptocurrencies endorsed by the Kazakhstan government, including notable names such as TRON, Polygon, Aptos, Stellar, Avalanche, Bitcoin, and Ether.
The Open Network, featuring its native asset TON, is gaining traction as a preferred medium for value transfer in emerging economies.
Leveraging Telegram’s extensive user base of 800 million daily active users, the Open Network facilitates Mini Apps and in-app payments, according to TGStat, with 55 million active users in Kazakhstan alone.
Within the TON ecosystem, blockchain gaming remains pivotal, with titles like Hamster Kombat, Notcoin, Yescoin, and TonPotato captivating users seeking additional income.
Hamster Kombat, in particular, has garnered significant attention, prompting cautionary advisories from governmental bodies.
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Uzbekistan’s National Agency for Perspective Projects (NAPP), responsible for online business and digital commerce regulation, issued warnings regarding the game’s tokens.
The regulator clarified that because Hamster Kombat tokens are not currently classified as onchain digital assets, they do not fall under its jurisdiction.
While playing the game remains permissible, the NAPP cautioned citizens that if tokens transition to onchain status in the future, withdrawal complexities could arise.
Despite its growing popularity, the TON network faces challenges, noted blockchain security expert Yu Xian, founder of SlowMist.
Xian highlighted a rise in phishing attacks on The Open Network, exacerbated by its integration with the Telegram messaging app. Scammers exploit this integration to disseminate malicious links within groups.
In summary, Toncoin’s approval for trading on regulated exchanges in Kazakhstan underscores its integration into the country’s cryptocurrency landscape.
However, challenges such as regulatory oversight of emerging blockchain applications and security concerns remain pertinent as the ecosystem evolves.
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