Toncoin Approval in Kazakhstan Followed by Significant Price Drop

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Toncoin Approval in Kazakhstan

YEREVAN (CoinChapter.com) — Kazakhstan’s 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.

Telegram Integration and Blockchain Gaming Boost Toncoin

The Open Network (TON) leverages Telegram’s 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.

TON’s ecosystem includes blockchain gaming. Popular games like Hamster Kombat, Notcoin, Yescoin, and TonPotato attract users. These games contribute to TON’s user engagement.

Phishing Scams and Regulatory Warnings for TON Ecosystem

TON faces security challenges. Phishing attacks are on the rise. SlowMist founder Yu Xian reported an increase in phishing attempts. These attacks exploit TON’s integration with Telegram. Scammers create groups and post malicious links, posing risks as TON expands.

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 on-chain digital assets, they fall outside the regulatory scope. If these tokens migrate on-chain, withdrawing them could become problematic.

TON Teleport BTC: Bridging Bitcoin to TON

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.

Partnership with Animoca Brands for $20M Initiative

The TON Foundation partnered with Animoca Brands’ 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,

“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

Toncoin’s 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 Kazakhstan’s approval. Increased scrutiny and regulatory pressures caused investor uncertainty, contributing to the price drop.