Hungary Aligns Crypto Rules with EU Laws, Grants First MiCA License

Hungary has made significant changes to its cryptocurrency regulations, aligning them more closely with European Union laws. The country's parliament approved a bill to repeal the mandatory crypto validation system, which was deemed incompatible with EU legislation.

The measure removes the requirement for licensed third-party validators to validate certain crypto-to-fiat and crypto-to-crypto conversions before they can take place. This extra layer of checks had caused trouble for the use of cryptocurrencies in Hungary, according to the government.

CoinCash has become the first company in Hungary to receive a MiCA license from the National Bank of Hungary, allowing it to provide expanded services in the country.