Fintech company Revolut has partially restored its cryptocurrency services for users in Hungary, which were suspended due to new legislative norms.
Gradual Resumption of Services
Revolut has restored the ability for Hungarian users to transfer their cryptocurrencies to external wallets. This became possible after a temporary halt on most crypto functions of the app at the beginning of the month. As of mid-July, users can again execute withdrawals and perform functions related to staking and earning rewards.
Restrictions on Key Features
Despite the restoration of some services, key features such as buying, selling, and receiving cryptocurrencies, as well as new deposits, remain suspended. The company has emphasized that full recovery of functionality will occur as legislation changes.
Legislative Context
The new laws, which came into effect on July 1, impose criminal penalties for using cryptocurrency services without national licensing. Penalties may include up to five years in prison for individuals and up to eight years for platform operators. Revolut temporarily halted its crypto services, noting that this is directly related to the introduction of new legislative norms in Hungary.
Revolut’s decision to partially resume services is positively received by Hungarian users; however, the strict requirements set by Hungarian legislation continue to restrict the full use of cryptocurrencies.
