Hungary's aggressive crackdown on unauthorized crypto trading includes prison terms up to eight years, severely impacting user services and fintech operations.
Hungary's new laws, effective July 1, criminalize unauthorized crypto trading, imposing penalties of up to eight years in prison. Revolut has suspended its crypto services for two million users due to regulatory uncertainty, affecting around 500,000 local investors. The Hungarian Financial Supervisory Authority has a 60-day period to establish compliance guidelines, but the current legal framework remains unclear, raising concerns about potential repercussions for users.