Revolut Restores Partial Crypto Services in Hungary After Regulatory Pause
Main Idea
Revolut has partially restored crypto services in Hungary after a regulatory pause, following the implementation of Hungary's new crypto law, while awaiting further guidance on local and EU regulations.
Key Points
1. Revolut resumed limited cryptocurrency services in Hungary, allowing deposits, releases, and staking, after Hungary's new crypto law took effect on July 1.
2. Hungary's new law imposes penalties of up to 8 years in prison for unlicensed crypto activity, even for platforms licensed elsewhere in the EU.
3. Revolut is seeking MiCA approval via its European arm but awaits further guidance on how Hungary’s local rules will align with broader EU regulation.
4. Revolut reported $4.1 billion in revenue last year and maintains a $45 billion valuation, with plans to expand in southern Europe, the Nordics, the Middle East, and Asia-Pacific.
Description
UK-based digital banking giant Revolut has resumed limited cryptocurrency operations in Hungary, following a regulatory shutdown earlier this summer. Key Takeaways: Revolut has partially resumed crypto services in Hungary, restoring staking and token releases. Hungary’s new law imposes up to eight years in prison for unlicensed crypto activity. Core features like buying and selling remain suspended as Revolut awaits regulatory clarity. According to a recent report from local news outlet Portfoli...
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