Hungary Implements New Crypto Regulations, Certain Digital Asset Transactions Classified as Criminal Offenses
According to ChainCatcher, Forbes reports that Hungary has officially implemented one of the world's strictest cryptocurrency regulations as of July 1, forcing several major fintech companies to suspend related services and potentially classifying the digital asset trading activities of hundreds of thousands of citizens as criminal offenses. This significant policy shift has sparked widespread confusion and concern within the fintech sector.
London-based digital bank Revolut announced, "Effective immediately, we are temporarily suspending cryptocurrency services in Hungary until further notice." Revolut has over 2 million users in Hungary. The company stated it is "working to resume services as soon as possible," but did not provide a specific timeline for restoration. The suspension covers all new cryptocurrency purchases, staking activities, and top-up operations; however, users can still sell their existing holdings and transfer certain tokens to external wallets. Revolut's other banking services remain unaffected.
Hungary's new regulations introduce two criminal offenses: "abuse of crypto assets" and "providing unauthorized crypto asset exchange services." According to the latest amendments to the Hungarian code, individuals using unauthorized cryptocurrency trading services may face up to two years in prison for basic trading activities; if the transaction amount exceeds 50 million Hungarian forints (approximately $140,000), the sentence can be up to three years; and if it exceeds 500 million forints (approximately $1.4 million), the maximum sentence can reach five years.
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