Kazakhstan’s Financial Services and Regulatory Committee (AFSA) has granted approval for Toncoin (TON) to commence trading on regulated exchanges, following an audit confirming that the digital asset meets the regulator’s listing standards.
Toncoin now joins a roster of 107 cryptocurrencies sanctioned by the Kazakhstani government, which includes prominent names like TRON (TRX), Polygon (MATIC), Aptos (APT), Stellar (XLM), Avalanche (AVAX), as well as established digital assets Bitcoin (BTC) and Ether (ETH).
The Open Network’s influence in gaming and its impact in emerging economies
The Open Network and its native currency, TON, are gaining traction as preferred mediums for value transfer in developing nations. Leveraging Telegram’s extensive user base of over 800 million daily active users and its messaging infrastructure, The Open Network facilitates Mini Apps and in-app transactions. Telegram boasts 55 million active users in Kazakhstan, according to data from TGStat.
Within the TON ecosystem, blockchain gaming remains a cornerstone, with titles such as Hamster Kombat, Notcoin, Yescoin, and TonPotato capturing the interest and engagement of users seeking additional income opportunities.
A selection of games available on TON’s app store. Source: TON Apps
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Hamster Kombat, in particular, has garnered significant attention. The game’s popularity surge has drawn cautionary statements and scrutiny from government officials. Recently, Uzbekistan’s National Agency for Perspective Projects (NAPP), a regulator overseeing online business and digital commerce, issued warnings to those looking to capitalize on the game’s tokens.
The regulatory body clarified that since Hamster Kombat’s tokens do not qualify as onchain digital assets, they fall outside its regulatory scope. While playing the game remains unrestricted within the country, NAPP cautioned citizens that future migration of tokens to onchain status could complicate withdrawal processes.
Not all smooth sailing
Despite the burgeoning TON ecosystem, challenges persist, as noted by SlowMist founder Yu Xian. Xian, a blockchain security expert, highlighted an increase in phishing attacks targeting The Open Network amid its rapid expansion as a decentralized blockchain platform.
Xian attributed these phishing incidents to TON’s integration with Telegram, allowing scammers to exploit the platform by creating groups and sharing malicious links.
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