Hungary to reverse crypto trading crackdown after EU scrutiny
Hungary’s government said it will unwind crypto trading restrictions that required approved validation for conversions and exposed users and service providers to criminal liability.
Hungary is set to decriminalize crypto trading, reversing restrictions that imposed potential jail terms for certain crypto-to-fiat and crypto-to-crypto transactions, according to Tisza government spokesperson Anita Köböl.
Speaking at a Thursday press conference, Köböl said Hungary would unwind rules introduced last year that required approved validation for crypto conversions and attached criminal penalties to violations. She said the restrictions contributed to a decline in crypto trading activity in the country.
“This was an unnecessary piece of legislation. It made practical operation impossible and frightened the market participants,” Köböl said, according to a translation by Cointelegraph. “The criminal consequences also negatively impacted several hundred thousand people.”