Hungary Set to Drop Tough National Crypto Rules After Near-Total Industry Exodus
Just eight days after becoming the first Hungary-based provider to receive a MiCA licence, CoinCash said the country's parliament had approved legislation repealing Hungary's additional national crypto-asset requirements.
CoinCash received its MiCA licence on July 20 following a 16-month review process, becoming the first locally based crypto provider authorised under the EU framework.
According to the company, the proposed legislative change would remove the national requirements that prompted several firms to suspend services, relocate or delay expansion in the Hungarian market.
Finance Magnates could not independently verify the vote.
Where the Gold-Plating Went Wrong
Alongside MiCA, Hungary introduced additional domestic requirements for crypto providers.
The regime required a national "validator" to certify individual crypto exchange transactions and imposed criminal penalties of up to two years' imprisonment for providing unauthorised exchange services.
Firms had until July 1, 2025, to comply, compared with MiCA's 18-month transition period. The changes prompted several firms to suspend or withdraw crypto services in Hungary.
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