Hungary Bans Unlicensed Crypto Platforms: Revolut and Bitstamp Suspend Services
The post Hungary Bans Unlicensed Crypto Platforms: Revolut and Bitstamp Suspend Services appeared on BitcoinEthereumNews.com. TLDR: The new Hungarian law enforces up to 5 years in prison for using unlicensed crypto exchanges. Crypto firms face up to 8 years in jail under new digital asset service violations. Platforms like Bitstamp and Revolut suspend services due to legal uncertainty. Law demands “conversion-validation certificates,” stricter than EU’s MiCA rules. Hungary has thrown its crypto community into chaos with sweeping new regulations that criminalize unlicensed trading activities. A new law enforced from July 1 makes unapproved crypto transactions a criminal offense. The rules impact both users and service providers, triggering concern across the local and international crypto community. Several global platforms have already suspended operations in Hungary, citing legal uncertainty. Industry voices argue that the law exceeds European Union standards, creating confusion and risk for Hungarian crypto holders. Hungary Law Criminalizes High-Value Crypto Use The Hungarian parliament passed the law on June 17, giving authorities broad enforcement powers over digital asset activity. Under the law, individuals using unlicensed exchanges face up to five years in prison. Unauthorized high-value transactions, above 50 million forints, roughly $146,000, carry a prison sentence of up to two years. For crypto service providers, the penalties are even tougher, with violations punishable by up to eight years. The Hungarian National Bank now oversees licensing for all crypto service providers. However, the Supervisory Authority for Regulated Activities has not released the licensing process, leaving both domestic companies and international exchanges without a legal path forward. In response, platforms like Revolut and Bitstamp have reportedly suspended crypto services for Hungarian users. The lack of a clear registration framework has left many exchanges unsure how to comply. This sudden disruption affects approximately 500,000 Hungarians who currently hold cryptocurrencies, including Bitcoin. Revolut and Bitstamp has temporarily suspended all cryptocurrency services for Hungarian customers following the government's criminalisation of…
The post Hungary Bans Unlicensed Crypto Platforms: Revolut and Bitstamp Suspend Services appeared on BitcoinEthereumNews.com.
TLDR: The new Hungarian law enforces up to 5 years in prison for using unlicensed crypto exchanges. Crypto firms face up to 8 years in jail under new digital asset service violations. Platforms like Bitstamp and Revolut suspend services due to legal uncertainty. Law demands “conversion-validation certificates,” stricter than EU’s MiCA rules. Hungary has thrown its crypto community into chaos with sweeping new regulations that criminalize unlicensed trading activities. A new law enforced from July 1 makes unapproved crypto transactions a criminal offense. The rules impact both users and service providers, triggering concern across the local and international crypto community. Several global platforms have already suspended operations in Hungary, citing legal uncertainty. Industry voices argue that the law exceeds European Union standards, creating confusion and risk for Hungarian crypto holders. Hungary Law Criminalizes High-Value Crypto Use The Hungarian parliament passed the law on June 17, giving authorities broad enforcement powers over digital asset activity. Under the law, individuals using unlicensed exchanges face up to five years in prison. Unauthorized high-value transactions, above 50 million forints, roughly $146,000, carry a prison sentence of up to two years. For crypto service providers, the penalties are even tougher, with violations punishable by up to eight years. The Hungarian National Bank now oversees licensing for all crypto service providers. However, the Supervisory Authority for Regulated Activities has not released the licensing process, leaving both domestic companies and international exchanges without a legal path forward. In response, platforms like Revolut and Bitstamp have reportedly suspended crypto services for Hungarian users. The lack of a clear registration framework has left many exchanges unsure how to comply. This sudden disruption affects approximately 500,000 Hungarians who currently hold cryptocurrencies, including Bitcoin. Revolut and Bitstamp has temporarily suspended all cryptocurrency services for Hungarian customers following the government's criminalisation of…
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