Hungary to scrap Orban-era crypto rules that carried jail terms: reports
Hungary will decriminalize crypto trading, reversing Orban-era rules that carried jail terms and led platforms like Revolut to suspend services.
Hungary is set to reverse its controversial cryptocurrency regulations that imposed criminal penalties on digital asset trading, according to recent reports. The move will decriminalize crypto trading activities that previously carried potential jail sentences under rules implemented during Viktor Orban's administration. These strict regulations had forced several major financial platforms, including popular fintech service Revolut, to suspend their cryptocurrency services in the country.
The Orban-era crypto rules represented some of Europe's harshest regulatory measures against digital assets, creating significant barriers for both retail investors and institutional players operating in Hungary's market. The punitive framework stood in stark contrast to the more progressive approaches adopted by neighboring European Union countries, which have generally sought to regulate rather than criminalize cryptocurrency activities. The restrictive policies effectively isolated Hungary from the broader European crypto ecosystem.
This regulatory reversal is expected to provide immediate relief to cryptocurrency exchanges and financial technology companies that had previously withdrawn from the Hungarian market. The policy change could pave the way for major platforms like Revolut to resume their digital asset services, potentially bringing increased liquidity and investment opportunities back to Hungarian consumers. Industry observers anticipate that other international crypto service providers may also reconsider their market presence following the regulatory shift.
The timeline for implementing these changes and the specific details of the new regulatory framework remain to be clarified by Hungarian authorities.
Source: The Block
