Hungary’s newly appointed Minister of Technology, Zoltán Tanács, announced on June 6 that Hungary will remove unreasonable restrictions on the crypto asset market, reversing the direction set by the previous government, including abolishing criminal penalty provisions for unauthorized crypto services. Tanács took office as minister after forming a new government in May (led by TISZA). He said the previous government’s rules were driven by political motives rather than prudent regulation; the new government views the old framework as an obstacle to competitiveness, not a safeguard.
Confirmed impact of the old rules: known delisting and compliance costs
Hungary’s crypto regulatory rules, effective from July 1, 2025, establish criminal penalty provisions for unauthorized cryptocurrency services. The key market impacts that have been confirmed include: platforms such as Revolut stopping crypto business in Hungary; and local companies having to bear higher compliance costs, putting them at a relatively disadvantageous position in competition.
Tanács said the implementation of these rules reflects political considerations rather than necessity for market protection, and the new government plans to reverse them.
The new government’s digitalization strategy: MiCA support and the Estonian model
The new government has publicly indicated it will adopt a pro-EU digitalization strategy, sharply contrasting with the previous government’s stricter domestic regulatory direction. Specific directions confirmed include: supporting the EU MiCA (Markets in Crypto-Assets Regulation) framework to establish unified rules between Hungary and EU member states; and taking reference from Estonia’s e-government framework, seeking to build a regulatory environment that supports digital innovation.
Frequently asked questions
Does Hungary’s cancellation of crypto criminal penalties mean Revolut can return to the Hungarian market?
According to Tanács’s announcement, Hungary plans to abolish the criminal penalty provisions for unauthorized crypto services in the July 2025 rules and remove other unreasonable restrictions. Tanács’s announcement is still a statement of policy intent, and the specific abolition measures have not yet completed the legislative process. Whether and when Revolut will resume providing crypto services in Hungary depends on the timeline for completing the regulatory revisions and the platform’s own business decisions.
What is the relationship between Hungary’s cancellation of criminal penalties and the EU MiCA framework?
The EU MiCA framework is the EU-level unified regulatory standard for crypto assets; the previous Hungarian government’s domestic rules added on top of MiCA, creating a stricter “double requirement.” Tanács said the new government supports MiCA’s positioning, which would mean Hungary relies on the EU’s unified rules rather than independently setting stricter domestic provisions. In theory, this allows crypto companies that obtain or plan to obtain MiCA authorization in Hungary to benefit from a clearer and lower-cost compliance path.
What kind of requirement is the June 30 NIS2 compliance deadline for about 4,000 Hungarian companies?
NIS2 is an EU directive on cybersecurity and information security, requiring companies in member states to meet specific network security standards. Tanács said Hungary may revise the regulations related to cybersecurity auditors under the NIS2 directive, but as of the time of the announcement it is not yet clear whether the compliance deadline of June 30 will be postponed accordingly; companies still need to assess their compliance status under the current requirements.
