Kazakhstan boosts Open Network adoption, approves Toncoin (TON) for trading

Kazakhstan financial regulators have approved Toncoin (TON) for trading on the nation’s licensed platforms.

Kazakhstan's regulator has approved Toncoin ⚡

Now $TON can be traded on crypto exchanges licensed by the MFCA#Toncoin #Trading #Kazakhstan $TON pic.twitter.com/A99daQ1YWY

— ✈️ Crypto HODL 🐪💎 (@Crypto7HODL) June 28, 2024

The crucial move by the Financial Services & Regulatory Committee reflects surging demand for digital assets and their acceptance within Kazakhstan’s economic ecosystem.

Meanwhile, Toncoin has joined 107 government-certified tokens, sharing status with assets such as Bitcoin and Ethereum.

The approval comes after a massive audit process, and endorsement means Toncoin satisfies the stiff listing criteria by the regulators.

Thus, Toncoin aligns with alts such as Stellar, Polygon, and Avalanche, which enjoy integration into the international financial markets.

That reflects Kazakhstan’s plan to be among the first to embrace blockchain technology.

Open Network’s increasing traction

Moreover, Toncoin issuer Open Network witnesses massive traction as the top ecosystem for blockchain technology.

The Open Network leverages Telegram’s immense user base to offer high-end solutions such as smooth in-app transactions and Mini Apps.

The Telegram-based L1 blockchain is cheap and scalable to utilize. Currently, it has a TVL of over $600 million, a substantial growth from $71.6 million on 1 January 2024.

Daily active addresses surged from $22.4K to above 577 K in mid-June. The DAA metric stands at around $350K at the moment.

Upgrades such as ad revenue-sharing features for channel owners to earn through ads have propelled Toncoin’s use cases and demand.

1. Telegram Integration: Toncoin's association with Telegram has been a major boost. Recent enhancements like revenue-sharing systems for channel owners, who can earn via ads purchased with TON, have significantly increased demand and utility.

— Acul Finance (@AculFinance) June 17, 2024

The Open Network will enhance financial transfers and digital innovations for more than 55 million individuals in Kazakhstan.

Kazakhstan’s endorsement marks a vital step for Toncoin as the crypto gains acceptance in regulated marketplaces, highlighting the broader adoption & integration of blockchain in global finance.

TON price outlook

The altcoin displayed recoveries on the daily timeframe, with green candles overwhelming the red ones.

Toncoin saw a 0.65% price uptick over the past day to hover at $7.62 during this publication.

The 1-hour chart reveals a local resistance at $7.651.

A daily candle closing around this level could attract bearish actions, plunging the alt toward $7.50.

Meanwhile, the daily charts show a low probability of wild actions as neither bears nor bulls dominate.

Therefore, TON could maintain sideways movements within $7.4 and $7.8 in the coming days.

Furthermore, the volume remained faded on the weekly timeframe.

That reflects the deteriorated seller and buyer momentum behind Toncoin.

TON price will likely consolidate in the $7 – $8 range in the coming week.

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