The Kazakhstan Financial Services and Regulatory Authority (AFSA) has approved Toncoin (TON) for trading on regulated exchanges, after determining that the digital asset meets the listing criteria. Toncoin now joins the list of 107 cryptocurrencies approved by the Kazakh government.
TON and its underlying assets are becoming a popular choice for value transfer in developing countries. TON leverages Telegram’s user base of over 800 million daily active users and messaging system to offer Mini Apps and in-app payments.
Telegram has 55 million active users in Kazakhstan, according to TGStat. Blockchain gaming is also a major part of the TON ecosystem, with games like Hamster Kombat, Notcoin, Yescoin and TonPotato attracting users looking to earn extra income.
Hamster Kombat has attracted a lot of attention, prompting warnings and criticism from government officials. Uzbekistan’s National Perspective Project Agency (NAPP) has warned against the game’s tokenization.
NAPP explained that since Hamster Kombat tokens are not on-chain digital assets, they are not under the regulatory purview and gaming has not been banned yet. However, NAPP warned that if these tokens become real digital assets in the future, withdrawals could become an issue.
According to SlowMist founder Yu Xian, although the TON ecosystem is growing, the network still has many problems.
Xian, a blockchain security expert, said that phishing attacks on The Open Network are on the rise due to the rapid expansion of the platform. He explained that phishing attacks are mainly due to TON’s integration with the messaging app Telegram, where scammers can create groups and post malicious links.’
Read more: Is the TON ecosystem showing signs of being flooded with scams?
