Hungary Rolls Back Crypto Controls, Issues First MiCA License

The Hungarian parliament has voted to repeal its strict regulations on validating digital asset transactions. This move eliminates the need for third-party approval for certain digital asset conversions.

The previous regulations had caused significant disruptions in the local market, leading several providers to pause their operations or leave the country. Finance Minister Kármán András stated that these regulations had created operational bottlenecks.

As part of this shift, the Hungarian National Bank granted the first authorization under the MiCA Regulation to CoinCash platform, operated by Tiwala Solutions. This license covers a range of essential services for the ecosystem, including asset custody and crypto-to-fiat exchange.