Hungary repeals strict rules on crypto transactions
The Hungarian parliament has repealed special requirements for verification of cryptocurrency transactions that were in force at the national level. The law was passed on July 31 and came into force on August 7.
According to Bitcoin.com, the previous rules provided for criminal liability for transactions with crypto assets without the necessary validation. In certain circumstances, the penalty could reach eight years in prison.
The abandonment of these norms should bring Hungarian legislation into line with the European MiCA regulation, which became fully operational on July 1. Lawyers pointed out that the additional Hungarian requirements duplicated the provisions of pan-European legislation and created obstacles for crypto companies to operate in the EU single market.
#Hungary #crypto #EU
The Hungarian parliament has repealed special requirements for verification of cryptocurrency transactions that were in force at the national level. The law was passed on July 31 and came into force on August 7.
According to Bitcoin.com, the previous rules provided for criminal liability for transactions with crypto assets without the necessary validation. In certain circumstances, the penalty could reach eight years in prison.
The abandonment of these norms should bring Hungarian legislation into line with the European MiCA regulation, which became fully operational on July 1. Lawyers pointed out that the additional Hungarian requirements duplicated the provisions of pan-European legislation and created obstacles for crypto companies to operate in the EU single market.
#Hungary #crypto #EU