Hungary’s New Crypto Law Takes Effect, Illegal Transactions Could Lead to Up to 8 Years in Prison

Odaily Planet Daily – Hungary has officially implemented new cryptocurrency legislation as of July 1, prohibiting any unlicensed digital asset trading activities. Individuals using unlicensed crypto services may face up to 2 years in prison; for single transactions exceeding 50 million forints (approximately $140,000), the sentence can be up to 3 years, and for amounts over 500 million forints, up to 5 years. Unlicensed service providers may face up to 8 years in prison.
It is reported that fintech platform Revolut has announced the suspension of its cryptocurrency services in Hungary. Local media noted that around 500,000 Hungarians have invested in crypto assets through legal income, but the details of regulatory enforcement remain unclear.