Amid rapid crypto expansion in Europe, Hungary made it a crime to trade unauthorized cryptocurrencies without official permission. Individuals could face up to five years in prison, while service providers without a licence risk up to eight years.
As a result of this legislation, Revolut–a leading crypto platform–has frozen all its crypto-related services in Hungary. Users can no longer buy, stake, or deposit crypto from their accounts. The company stated that, “We cannot give an exact date when the services will be available again, but we will notify you immediately as soon as this happens.”
As per a report by local media outlet Telex, Revolut’s banking and savings services remain active in the region; only crypto features are affected. The company is working to comply with both EU and Hungarian licensing requirements and hopes to resume crypto operations once the necessary approvals are in place.
The report shows that around 500,000 people in Hungary own crypto assets. Many now risk facing criminal penalties if they try to trade without formal approval.
However, experts say the law is vague. It does not explain how to get permission or clearly define what qualifies as “unauthorized” activity. Critics warn this legal uncertainty could drive fintech companies and users out of the market.
Government officials say the aim is to fight money laundering and align with EU rules. The decision includes anti‑criminal provisions but delays how those will be enforced.
Some global platforms such as Binance, Coinbase, and Kraken are still offering crypto services in Hungary. They cite valid EU licences and say the national law does not apply to them directly. Others, like Hungarian exchanges, have paused accepting new users.
The lack of guidance from regulators is a concern. Industry groups warn that Hungary’s vague law could accidentally criminalize normal crypto trades. They have urged for fast clarity from authorities.
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