Hungary’s New Government Moves to Reverse Crypto Criminalization and Align With EU MiCA Rules
Since July 2025, Hungary’s previous government had required crypto-to-fiat and crypto-to-crypto transactions to be processed through an approved validation provider, with violations punishable by up to eight years in prison. Platforms including Revolut suspended services over compliance risks, while trading volumes declined. The European Commission also investigated whether the regime breached MiCA and EU single-market rules.
Newly appointed Technology Minister Zoltán Tanács announced on June 11, 2026, that the government would abolish mandatory validation and the related criminal penalties, as well as end Hungarian regulator SZTFH’s authority to oversee validation. Consultation on the draft closed on June 19. If approved, it will take effect on the eighth day after publication in the official gazette, paving the way for platforms such as Revolut to return.
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The history behind this eventHungary Scraps Crypto Checks as CoinCash Wins First MiCA License
The European Union’s Markets in Crypto-Assets regulation, or MiCA, created a common licensing regime for crypto firms, but Hungary layered on a separate transaction-validation system supervised by the Supervisory Authority for Regulatory Affairs, known as SZTFH. The 2025 rules required covered conversions to receive third-party compliance clearance and attached criminal penalties to unauthorized activity. The extra burden created legal uncertainty and prompted providers including CoinCash and Revolut to suspend or restrict Hungarian crypto services in December 2025.
Hungary’s parliament approved legislation on July 28, 2026, abolishing the mandatory third-party validation regime and bringing local oversight back into line with MiCA. The move followed the National Bank of Hungary’s July 20 authorization of Tiwala Solutions Kft, the operator of CoinCash, as a crypto-asset service provider. CoinCash is the first Hungarian-headquartered firm licensed directly by the central bank under MiCA. Its permit covers six service categories, including custody, crypto-to-fiat and crypto-to-crypto exchange, transfers, investment advice and portfolio management, supporting a phased market return.
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