Since early July, Hungary has officially introduced criminal liability for using unauthorized crypto exchanges. Now even regular trading on such platforms can lead to a sentence of up to two years in prison.
If large amounts are involved, the punishment becomes stricter. And if you are not just trading but also providing such services, the term can increase to three years. And this is not the limit: it all depends on the volume of operations.
Local crypto companies still do not understand how to operate going forward. So far, no one has explained which platforms are considered 'unauthorized' and which are not. Formally, the regulator SZTFH is supposed to issue clear rules within 60 days. But when this will happen and what exactly will be in them is unknown.
Up to five years for large amounts
In Hungary, you can now go to jail for crypto — if you use unauthorized platforms.
For transactions amounting to 5 to 50 million forints (about $14-146 thousand) — up to two years in prison.
The larger the amount, the more severe the punishment. For 50-500 million (that is, from $146 thousand to $1.46 million), one can receive three years.
If the turnover exceeds half a billion forints (more than $1.46 million), the term increases to five years.
Formally, this is aimed at combating money laundering, but in reality, regular traders may also be affected if they trade on exchanges without a local license.
Illegal exchanges are under threat
Now, not only the use but also the provision of unauthorized crypto services is considered a criminal offense. If a company or individual conducts exchange operations without a license, they face up to three years in prison for volumes up to 50 million forints (approximately $146,000).
As with regular traders, the terms increase with the amounts:
up to five years for turnovers up to 500 million forints ($1.46 million),
up to eight years if the volumes exceed half a billion forints.
Revolut first disabled, then partially restored crypto services
Revolut temporarily disabled crypto for Hungarian users — the company removed all digital functions, including withdrawals, citing 'new legislative requirements.'
The information appeared directly on the local version of the website, without explanations or deadlines.
However, on Monday, Revolut again allowed withdrawals in cryptocurrency. The company also stated that its European division is working on obtaining a cryptocurrency license in the EU.
