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YEREVAN (CoinChapter.com) ā Kazakhstanās Financial Services and Regulatory Committee (AFSA) has approved Toncoin (TON) for trading on regulated exchanges. This approval followed an audit confirming that Toncoin meets the listing criteria. With this approval, Toncoin joins 107 digital assets approved by Kazakhstan, including Bitcoin, Ethereum, Polygon, and Avalanche.
The Open Network (TON) leverages Telegramās user base. Telegram has over 800 million daily active users. According to TGStat, Telegram has 55 million active users in Kazakhstan alone. This integration makes Toncoin popular for daily transactions and value transfers.
TONās ecosystem includes blockchain gaming. Popular games like Hamster Kombat, Notcoin, Yescoin, and TonPotato attract users. These games contribute to TONās user engagement.
TON faces security challenges. Phishing attacks are on the rise. SlowMist founder Yu Xian reported an increase in phishing attempts. These attacks exploit TONās integration with Telegram. Scammers create groups and post malicious links, posing risks as TON expands.
Hamster Kombat has drawn regulatory attention. Uzbekistanās National Agency for Perspective Projects (NAPP) issued a warning about the gameās tokens. Since Hamster Kombatās tokens are not on-chain digital assets, they fall outside the regulatory scope. If these tokens migrate on-chain, withdrawing them could become problematic.
TON Foundation announced TON Teleport BTC, an infrastructure project. It allows users to transfer Bitcoin between the Bitcoin blockchain and TON. This process is decentralized and secure. Each BTC on TON is 100% backed by actual BTC. Users can use these BTC tokens in various dApps or redeem them for BTC on the Bitcoin network.
The TON Foundation partnered with Animoca Brandsā Mocaverse. They created a $20M MOCA Coin and Toncoin reserve. This initiative aims to boost developer and user adoption. Joint incentives like The Open League, hackathons, and accelerator programs are planned. Animoca Brands will promote integrating with the TON blockchain for gaming projects.
TON Foundation council president Steve Yun said,
āThis partnership validates that TON has become the platform of choice for games and social apps.ā
Toncoinās price has dropped. In the last month, the price fell by 24.62%, now trading at $5.71. This decline is linked to market reactions following Kazakhstanās approval. Increased scrutiny and regulatory pressures caused investor uncertainty, contributing to the price drop.
The post Toncoin Approval in Kazakhstan Followed by Significant Price Drop appeared first on CoinChapter.
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