'Short-Term Contraction' Expected as Hungary Adds Crypto Trading to Criminal Code
2025-07-18 11:21:32
Main Idea
EU-licensed exchanges will be able to operate in Hungary once MiCA regulations take full effect by 2026, with updated criminal codes impacting the domestic crypto market.
Key Points
1. Hungary's updated criminal code imposes stricter penalties for unauthorized crypto activities, including fines and incarceration for transactions exceeding $1.45 million.
2. Revolut has ceased crypto-trading services in Hungary due to the new regulations, which may push out legally operating exchanges.
3. The Supervisory Authority for Regulated Activities has not yet published licensing guidelines, creating uncertainty in the market.
4. The law targets crypto service activities conducted for a fee or commission, with exemptions for transfers below $14,250.
5. EU-licensed exchanges, such as those from France or Germany, will be permitted to operate in Hungary once MiCA regulations are fully implemented by 2026.
Description
Hungary’s newly updated laws on cryptocurrency trading could have a negative impact on the domestic crypto market, according to the Blockchain Hungary Association. Kornél Kalocsai, the association’s president, was largely welcoming of the updated criminal code while speaking with Decrypt. The new regulations impose penalties for the operation and use of unlicensed cryptocurrency exchanges. These
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