Kazakhstan’s AFSA approved Toncoin trading on licensed platforms in the country a day after Telegram co-founder Pavel Durov’s visit.
TON’s inclusion in Astana hub’s regulated environment is expected to attract a new wave of investors looking to expand their trading options.
Toncoin Secures AFSA Approval
TON holders can trade their tokens on regulator-licensed exchanges in Kazakhstan after the Financial Services Regulatory Authority (AFSA) approved them on Friday. The regulator oversees the region’s financial hub, Astana International Financial Centre (AIFC).
“AFSA made the decision following a comprehensive review, which found that Toncoin complies with the regulatory standards set by AFSA. Investors can now trade Toncoin on AFSA-licensed platforms, benefiting from the robust regulatory framework and investor protections set by the AIFC,” read an excerpt in the report.
AFSA’s decision comes after reviewing the Toncoin (TON) ecosystem, establishing that it is satisfactorily compliant with its regulatory standards. The approval followed Pavel Durov’s visit to the country at the invitation of Zhaslan Madiev, Kazakhstan’s minister for Digital Development and Innovation. The minister stated that Toncoin’s inclusion demonstrates significant progress in technological solutions in the country. He also noted that Kazakhstan has over 10 million Telegram users.
Read more: 6 Best Toncoin (TON) Wallets in 2024
Integrating Toncoin into the regulated environment of the Astana International Financial Centre offers several benefits:
- Firstly, increased investor safety and protection. Exchanges operating under AIFC jurisdiction must follow strict rules and procedures to safeguard customer funds.
- Secondly, enhanced transparency. All Toncoin transactions on AFSA-licensed exchanges will be recorded and available for inspection, ensuring greater transparency.
- Finally, stimulated market development. Legalizing Toncoin could lead to the emergence of new products and services based on this cryptocurrency, as well as overall market growth.
Currently, only 107 digital assets are available for trading in Kazakhstan, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), BNB, and Cardano (ADA).
Read more: 10 Best Altcoin Exchanges in 2024
Since March, The Open Network has been gaining attention as capital flows into the ecosystem and user activity consistently breaks records. TON’s transfer volume, ranging between $5 billion and $10 billion, shows the network has reached about 10% of Bitcoin’s capacity. Additionally, the number of on-chain TON holders has increased from 2.9 million to 32 million.
“On-chain metrics of TON are going parabolic!… Currently, there are 32 million holders, up from 2.9 million a year ago. This represents a 10x increase in just one year, underscoring the growing popularity of the TON-Token,” CryptoQuant analyst Marteen wrote.
Despite its fast growth, TON ecosystem faces challenges. SlowMist founder Yu Xian highlighted the increase in phishing attacks targeting The Open Network. These attacks exploit TON’s integration with Telegram, enabling scammers to spread malicious links through messaging groups.
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