Hungary Moves to Ease Crypto Rules After Minister Targets Restrictions

Highlights:

• Hungary’s tech minister plans to remove crypto restrictions that pushed platforms like Revolut away.
• The rollback may remove criminal penalties for unauthorized crypto services under previous national rules.
• Hungary may align more closely with MiCA and support a more competitive digital asset market.

Hungary may ease parts of its crypto rules after Zoltán Tanács, the Minister of Science and Technology, said the government wants to remove “unjustified restrictions” from the crypto-asset market. He made the statement on Saturday while discussing broader steps to reduce pressure on local businesses.

Tanács did not release a full crypto proposal. However, his statement shows that Hungary may review rules that made crypto exchange services more difficult for companies and users. The update is important because Hungary added strict local requirements to its crypto framework last year.

Tanács became Minister of Science and Technology in May after Hungary formed its new government following the April elections. He called the earlier crypto rules politically driven and unnecessary. The new TISZA-led government now sees the old framework as a barrier to competition, innovation, and crypto market growth.

Hungary Pivots to MiCA: Repealing Criminal Penalties to Build a Crypto Hub

– The proposed regulatory framework aligns with European Union MiCA standards to foster a predictable business environment.

– Science and Technology Minister Zoltán Tanács is leading the effort to…

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Hungary Reviews Strict Crypto Exchange Rules

Hungary already follows the European Union’s Markets in Crypto-Assets Regulation, known as MiCA. MiCA gives crypto companies a common rulebook across the European Union. However, Hungary also introduced its own national rules for crypto services.

In July last year, Hungary amended its Crypto Act. The changes affected crypto-asset service providers that offer crypto-to-fiat or crypto-to-crypto exchange services in the country. Under the amended rules, crypto-assets can only be exchanged for money or other crypto-assets with a compliance certificate from an authorized validation service provider.

These validation providers must check the client and the transaction. Their review may include the origin of the crypto-asset, wallet ownership, user identity, user risk profile, and external database checks. If the provider confirms the transaction, it issues a compliance certificate.

Hungary also added legal risk for violations. Under the amended rules, exchange activity without proper validation may constitute a criminal offense if the amount exchanged reaches or exceeds HUF 5 million. This created serious pressure for crypto platforms and users.

Minister Links Crypto Review with Business Relief

Tanács made the crypto comment while discussing Hungary’s NIS2 cybersecurity audit rules. Around 4,000 Hungarian businesses must complete cybersecurity audits by June 30. Around 1,300 companies reportedly learned only recently that they had compliance obligations.

The minister said the government wants to reduce unnecessary pressure on businesses. He also said authorities should support companies in complying with the rules rather than focusing solely on penalties. The same approach may now apply to crypto. Hungary may try to remove rules that create unnecessary barriers while keeping checks against fraud, money laundering, and illegal finance.

A softer approach could support Hungary’s crypto sector and make the country more attractive for digital asset companies. However, Hungary will still need to follow European Union rules under MiCA and maintain strong checks against money laundering, fraud, and other risks.