Kazakhstan’s regulator has allowed TON trading on licensed crypto exchanges

AIFC representatives conducted a thorough analysis of the asset and concluded that it complies with internal standards

28.06.2024 - 14:25

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Last updated on Aug 6, 2024

What’s new? The authorities of Kazakhstan have legalized the native token of the TON blockchain. This happened after Pavel Durov, the creator of TON and messenger Telegram, visited the Astana International Financial Center (AIFC), under which licensed cryptocurrency companies are allowed to operate in the country.

AIFC statement

What else is known? The AIFC’s Astana Financial Services Authority (AFSA) has determined that TON meets domestic regulatory standards and has allowed investors to trade the asset on AFSA-licensed platforms.

“Toncoin’s inclusion in the regulated environment of AIFC is expected to attract a new wave of institutional and retail investors seeking safe and transparent trading options,” AIFC officials said.

At the time of writing the news, Toncoin is ranked ninth in the overall cryptocurrency ranking with a capitalization of $18,8 billion and is trading at $7,61, having lost 0,5% overnight. The weekly gain was 6,4% and the asset is up by 228% since the beginning of the year.

TON’s ecosystem includes multiple projects, including decentralized exchanges (DEXs) DeDust and STON.fi, as well as liquid staking protocols Tonstakers and bemo. More recently, Tether has added TON support for its USDT stablecoin, which is the third-largest cryptocurrency with a capitalization of $112,6 billion.

USDT volume on the TON network reached $500 million in two months, and the blockchain’s total value locked (TVL) increased 14 times between March and May.

In addition, TON is integrated with Telegram. In early June, the messenger launched Telegram Stars, a TON-based internal currency for paying for digital goods in bots and apps.

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