New laws regulating cryptocurrency usage have come into force in Hungary, establishing criminal penalties for unauthorized trading.
New Crypto Laws
As of July 1, Hungary has implemented laws that establish legal sanctions for individuals trading cryptocurrencies through unauthorized exchanges. Those using such services now face up to two years in prison.
Criminal Penalties for Unauthorized Services
Trading through unauthorized exchanges involving between 5 million to 50 million forints (approximately $14,600 to $145,950) can result in a penalty of up to two years imprisonment. If the amount exceeds 500 million forints ($1.46 million), the term can extend to five years. Similar laws apply to unauthorized crypto service providers.
Revolut Resumes Crypto Services
Recently, UK-based financial technology company Revolut suspended its cryptocurrency services in Hungary due to new legislation. However, it has now reportedly allowed some cryptocurrency operations to resume, including withdrawals.
The recently adopted laws regarding cryptocurrencies in Hungary have created uncertainty among companies operating in this sector, highlighting the need for clear regulation and compliance.
