Kazakhstan Approves Toncoin Trading Amid Increasing Phishing Concerns
Summary:
The Authorized Financial Services and Regulatory Committee of Kazakhstan has approved the trading of Toncoin on its regulated exchanges. The Open Network, parent to Toncoin, is growing in popularity in the developing world, especially its gaming ecosystem like Hamster Kombat. However, the growth has raised concerns about increased phishing attacks, as pointed out by blockchain security expert Yu Xian of SlowMist.
The Authorized Financial Services and Regulatory Committee (AFSA) of Kazakhstan has given its approval for the trading of Toncoin (TON) on regulated exchanges. The decision follows an audit verifying that the digital asset meets all necessary criteria set by the financial regulators. TON joins the ranks of 107 other sanctioned cryptocurrencies in the country, such as TRON (TRX), Polygon (MATIC), Aptos (APT), Stellar (XLM), Avalance (AVAX), along with the well-known Bitcoin (BTC) and Ether (ETH).
The Open Network, home to TON, is increasingly being chosen as a medium of value transfer in the developing world. With over 800 million active daily users on Telegram, The Open Network capitalizes on this popularity by offering mini-apps and in-app payments. The platform has a particularly strong presence in Kazakhstan where Telegram counts 55 million active users.
Gaming on the blockchain forms a central part of TON ecosystem with games like Hamster Kombat, Notcoin, Yescoin, and TonPotato attracting users looking for an additional source of income.
One game that's been causing a buzz is Hamster Kombat. Its rise in fame, however, has led to warnings from the authorities. Uzbekistan's National Agency for Perspective Projects (NAPP) recently issued a caution relating to the game's token. NAPP said that the tokens, given they aren't recognized as onchain digital assets, are beyond their regulatory scope. Playing the game hasn't been prohibited in the country, but NAPP flagged potential difficulties in withdrawing coins if the tokens transition to onchain digital assets in future.
Despite the growth of the TON ecosystem, it has not been a trouble-free journey. The network's growing pains, particularly security concerns, have been highlighted by Yu Xian of SlowMist. According to the blockchain security expert, the platform has seen an increase in phishing attacks. Xian blames these primarily on the marriage of TON with the underlying Telegram messaging app where malicious links can be posted by fraudsters.
Published At
6/28/2024 7:59:16 PM
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