Toncoin (TON) Approved for Trading on Regulated Exchanges in Kazakhstan

The Open Network (TON) leverages Telegram's user base. Telegram has over 800 million daily active users.

Kazakhstan’s Financial Services and Regulatory Committee (AFSA) has approved Toncoin (TON) for trading on regulated exchanges. This approval follows an audit that confirmed Toncoin meets the listing criteria. With this approval, Toncoin joins 107 digital assets approved by Kazakhstan, including Bitcoin, Ethereum, Polygon, and Avalanche.

Telegram Integration and Blockchain Gaming Boost Toncoin

The Open Network (TON) leverages Telegram’s user base, making Toncoin ideal for daily transactions and value transfers. With over 800 million daily active users, Telegram boasts 55 million active users in Kazakhstan alone, according to TGStat.

Moreover, TON’s ecosystem includes blockchain gaming, further boosting its popularity. Users can engage in exciting games like Hamster Kombat, Notcoin, Yescoin, and TonPotato, contributing to TON’s user engagement.

Phishing Scams and Regulatory Warnings for TON Ecosystem

Despite its popularity, TON faces security challenges, with phishing attacks on the rise. SlowMist founder Yu Xian highlights an increase in phishing attempts, especially as Telegram integration expands. Scammers create groups and post malicious links, posing risks to unsuspecting users.

Moreover, Hamster Kombat has drawn regulatory attention. Uzbekistan’s National Agency for Perspective Projects (NAPP) issued a warning about the game’s tokens. Since Hamster Kombat’s tokens are not considered on-chain digital assets, they fall outside the regulatory scope. However, if these tokens were to migrate on-chain, withdrawing them could become problematic.

TON Teleport BTC: Bridging Bitcoin to TON

In other news, the TON Foundation has announced TON Teleport BTC, a significant infrastructure project that enables users to transfer Bitcoin between the BTC blockchain and TON. This process is decentralized and secure, ensuring that each BTC on TON is 100% backed by actual BTC.

Once TON Teleport BTC goes live, users can obtain BTC tokens on TON and utilize them in various dApps or opt to redeem them for BTC on the Bitcoin network.

Partnership with Animoca Brands for $20M Initiative

The TON Foundation has also partnered with Animoca Brands’ Mocaverse to establish a $20M MOCA Coin and Toncoin reserve. This initiative aims to boost developer and user adoption.

Both parties will introduce joint incentives, such as The Open League, hackathons, and accelerator programs. Additionally, Animoca Brands will encourage integrating with the TON blockchain for gaming projects.

Upon receiving the approval, TON Foundation council president Steve Yun commented,

“This partnership validates that TON has become the platform of choice for games and social apps.”

Impact of Kazakhstan’s Approval on Toncoin’s Price

Despite the approval, Toncoin’s price has experienced a decline. Over the last month, the price fell by 24.62%, currently trading at $5.71. This decrease is attributed to market reactions following Kazakhstan’s approval.

Increased scrutiny and regulatory pressures have caused investor uncertainty, contributing to the price drop.

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