Hungary’s parliament has reportedly voted to repeal stringent national cryptocurrency regulations that triggered a near-complete industry exodus from the country. The move comes just eight days after CoinCash became the first Hungary-based provider to secure a MiCA licence following a 16-month approval process. Hungary’s controversial “gold-plating” regime required a national validator to certify individual crypto transactions and threatened up to two years imprisonment for unauthorised exchange services, with a July 2025 compliance deadline significantly tighter than MiCA’s 18-month transition.
The harsh requirements forced major players including Revolut, MoonPay, Strike and Kriptomat to suspend services, while CashCoin relocated to the Netherlands. CoinCash itself halted operations for seven months during regulatory review. The repeal would eliminate the additional domestic requirements that made Hungary an outlier under EU crypto rules, allowing European firms to serve Hungarian clients through standard MiCA passporting without navigating separate local regulations.
FXnCO Insight
European crypto providers should monitor Hungary’s regulatory reversal as a potential reopening of previously restricted market access through simplified MiCA-only compliance.
Source: Finance Magnates