Toncoin (cryptocurrency)

2024: Legalization in Kazakhstan

On June 28, 2024, the AIFC Committee on the Regulation of Financial Services (AFSA) of Kazakhstan officially approved the Toncoin cryptocurrency, founded by Pavel Durov, for trading on licensed platforms of the Astana International Financial Center (AIFC). The decision marks an important step in legalizing and integrating the digital asset into the country's financial system.

According to Frank Media, AFSA made a decision after a comprehensive audit confirmed that Toncoin met the regulatory standards established by the regulator. Now investors will be able to trade cryptocurrency on AFSA-licensed platforms, taking advantage of the reliable regulatory framework and protection measures provided by the AIFC.

iXBT

Toncoin, created on the basis of the blockchain platform The Open Network (TON), was originally developed by Telegram as part of the Telegram Open Network project. It functions as an independent digital asset in the TON network.

Toncoin's approval by the AIFC regulator followed Pavel Durov's recent visit to Kazakhstan. The inclusion of cryptocurrency in the AIFC's regulated environment is expected to attract a new wave of institutional and retail investors looking for safe and transparent options for trading digital assets.

It is worth noting that Toncoin has become the 107th digital asset approved by AFSA for trading on licensed AIFC platforms. This decision underlines Kazakhstan's desire to develop and regulate the cryptocurrency market within its jurisdiction.

The legalization of Toncoin in Kazakhstan can have a significant impact on the development of the cryptocurrency market in the region. The AIFC, which has registered more than 2,800 participating companies from 78 countries, provides a wide range of financial services comparable to the world's leading financial centers.^[1]

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