Hungary Aligns Crypto Laws With EU's MiCA Framework

Hungary has repealed its strict crypto regulations to align with the European Union's Markets in Crypto Assets (MiCA) framework. The repeal, which took effect on August 7, removes national requirements and offenses related to the illicit use of cryptocurrency.

According to András Gaál, an associate at Schonherr law firm, under previous rules, converting crypto assets without prior validation constituted an unauthorized crypto transaction, a crime typified in the Act C of 2012 on the Criminal Code.

The repealed regulations established two crimes for the unauthorized use of crypto assets: 'Abuse of crypto assets' and 'Unauthorized crypto-asset exchange service provision.'