Hungary to Decriminalize Crypto Trading Following Policy Shift
- Hungary plans to reverse restrictions that imposed jail terms for unauthorized crypto transactions.
- The changes were announced by government spokesperson Anita Köböl, citing a decline in trading activity due to previous regulations.
- New rules introduced in July mandated compliance certificates for crypto exchanges, with penalties of up to eight years in prison for violations.
- The policy shift follows Hungary’s April parliamentary elections that brought a pro-European government into power.
- Several digital asset platforms, including Revolut, suspended services due to the stringent regulations.
The reversal of Hungary’s restrictive crypto framework aims to restore trading confidence and align with European Union standards after scrutiny over compatibility issues. This decision addresses concerns raised by market participants affected by the previous legislation.
As Hungary moves forward, the decriminalization of crypto trading marks a significant change from its earlier policies that threatened traders with prison time for non-compliance.(Source)
