New Hungarian Law Criminalizes ‘Unauthorized’ Crypto Trades, Rattling Firms
Main Idea
Hungary has enacted a new law criminalizing unauthorized cryptocurrency trades, with severe penalties for large transactions, causing concern among crypto firms and users.
Key Points
1. Unauthorized cryptocurrency exchanges could face up to two years in prison under the new Hungarian law.
2. Larger transactions exceeding $140,000 may result in an additional year in prison, while those above $1.4 million could lead to even harsher penalties.
3. The law has rattled cryptocurrency firms, including U.K.-based digital bank Revolut, and may affect an estimated 500,000 Hungarian users.
4. There is speculation that Hungary’s ruling Fidesz party will avoid any measures that could disrupt sentiment and stability.
Description
Under newly enacted legislation in Hungary, digital asset traders using “unauthorized” cryptocurrency exchanges could face up to two years in prison, with harsher penalties for larger transactions. Crypto Firms Eye Exit Amidst Legal Uncertainty Hungarian digital asset traders using “unauthorized” cryptocurrency exchanges face up to two years in prison under newly enacted legislation. Those conducting
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