365Crypto
Hungary’s Harsh New Crypto Law
Hungary isn’t playing around with crypto anymore. The country’s lawmakers have changed the Criminal Code. Now, people trading crypto without permission could land in prison.
Two Years for Trading? Seriously.
From July 1, anyone using an unauthorized crypto exchange could face up to two years behind bars. If you’re dealing with larger sums, the punishment only gets worse.
The Bigger the Trade, the Bigger the Sentence
Trade between $14K and $145K? That’s two years max. Between $145K and $1.4M? Three years. If it’s more than $1.4M, you might be looking at five.
Service Providers Get It Even Worse
If you run a crypto service without approval, you’re looking at similar punishments. In some cases, up to eight years in prison.
Hungarian Crypto Industry in Confusion
The rules took effect July 1. Hungary’s Supervisory Authority still hasn’t said how companies should comply. Local firms are frustrated and unsure what to do.
Revolut Bows, Then Unbows
UK fintech Revolut paused crypto services in Hungary because of this mess. First, they blocked withdrawals. Then, this week, they allowed them again. They’re now trying to get licensed in the EU.
