Hungary Ditches Tough Crypto Rules After Industry Exodus

After becoming the first locally based crypto provider authorized under the EU framework, CoinCash welcomed news that Hungary's parliament has approved legislation to repeal the country's additional national crypto rules.

The move comes after several firms suspended services, relocated, or delayed expansion in the Hungarian market due to the introduced domestic requirements. These included a national 'validator' to certify individual crypto exchange transactions and imposed criminal penalties of up to two years' imprisonment for providing unauthorised exchange services.

CoinCash received its MiCA licence on July 20 following a 16-month review process, becoming the first locally based provider authorised under the EU framework. The company said the proposed legislative change would remove the national requirements that had prompted several firms to suspend or withdraw crypto services in Hungary.