In recent months, attention to cryptocurrencies has significantly increased, and against this backdrop, Hungary has taken radical measures by implementing some of the strictest laws in this area.
New Cryptocurrency Laws in Hungary
As of July 1, 2023, Hungary has implemented one of the strictest cryptocurrency laws in the world, becoming a topic of discussion on the international stage. Under the new rules, cryptocurrency trading is now considered a crime for many citizens.
Consequences for Citizens and Businesses
According to the new laws, individuals can face up to 5 years in prison for unauthorized cryptocurrency transactions, while service providers face up to 8 years. Using unauthorized trading services could lead to up to 2 years in prison for simple transactions, with longer sentences for high-value transactions.
Expert Opinions and Market Reactions
Analysts express confusion regarding such strict policies. One expert remarked, 'It is incomprehensible why Hungary is applying such restrictive rules while the EU is creating unified standards.' This situation has raised concerns among users, particularly clients of the digital bank Revolut, which announced it would suspend its crypto services in the country.
The introduction of strict cryptocurrency laws in Hungary may significantly affect the local cryptocurrency community and its interaction with the global market. It remains unclear how other EU countries will respond to such changes.
