according to the website - By TheCoinrise Media
Hungary has introduced strict new laws targeting individuals and providers engaged in cryptocurrency trading outside authorized platforms, adding imprisonment to the tools of control in response to tightened oversight of digital assets.
Starting July 1, Hungarians using services from an 'unauthorized cryptocurrency exchange' may face imprisonment for up to two years for transactions ranging from 5 to 50 million forints (from $14,600 to $145,950).
For transactions exceeding 50 million forints, the penalty can increase to three years, and for transactions over 500 million forints ($1.46 million) — up to five years of imprisonment under the updated Criminal Code.
Cryptocurrency service providers face increased risk.
The new law also introduces criminal penalties for cryptocurrency service providers operating without permission, with up to three years of imprisonment for transactions under 50 million forints. The term increases to five years for transactions up to 500 million forints and up to eight years for transactions exceeding this threshold.
The Hungarian regulatory authority (SZTFH) has been given 60 days to develop compliance mechanisms, but no temporary guidance has been provided, creating uncertainty for cryptocurrency companies operating in the country. Local publication Telex reported that this has caused confusion among crypto companies serving Hungarian users, many of whom are unsure about the urgent compliance requirements of the new regime.
These measures are part of a recently adopted definition of the crime of 'abuse of crypto assets' in Hungary, defining unauthorized use of cryptocurrency exchanges as a criminal offense and aligning with the EU's stricter approach to unregulated crypto activities.
Revolut partially resumes cryptocurrency services in Hungary.
The introduction of the law has already led to changes in the operations of major players. The British fintech company Revolut initially suspended all cryptocurrency-related services in Hungary, including crypto withdrawals, citing 'recently introduced Hungarian legislation.' Earlier this month, a notice appeared on Revolut's Hungarian site stating that the timeline for resuming services was not defined.
However, local reports published on Monday confirm that Revolut has resumed cryptocurrency withdrawals while temporarily suspending new transactions.
The fintech company also noted that its European division is working on obtaining a cryptocurrency license in the European Union, indicating its intention to fully restore services in Hungary once the country aligns with the new requirements.
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