Hungary Just Repealed a Crypto Law That Drove Away 80,000 Traders
Hungary's parliament scrapped mandatory crypto "verifier" checks that pushed Revolut and eToro out — here's what changes for everyday holders.
If you’ve ever tried to buy crypto in Hungary over the past year, you probably know how frustrating it got. On July 28, 2026, Hungary’s parliament voted 143-46 (with one abstention) to scrap a rule that had forced ordinary crypto trades through government-approved “verifiers” — a system so strict it reportedly chased major platforms like Revolut, eToro and CoinCash out of the country, and pushed tens of thousands of everyday users away from crypto entirely.
The change, known as Bill T/305, undoes rules introduced in 2025 under Prime Minister Viktor Orbán’s government that targeted what officials called “abuse of crypto assets.” Under those rules, transactions worth between 5 and 15 million forints (roughly $15,000 to $150,000) could land someone in prison for up to two years, with sentences of up to five years for larger amounts, unless a licensed verifier had signed off on the wallet ownership, asset source and client details first.
Why this actually matters for regular crypto holders
This isn’t just bureaucratic housekeeping — it’s a rare case of a government admitting a crypto crackdown backfired. According to data cited from PwC, the number of Hungarian citizens actively trading crypto fell by 80,000, a drop of 38%, after the verifier rules kicked in. Around 74% of those active traders had been using Revolut, and once the exchange scaled back its Hungarian operations, a huge chunk of the market simply had nowhere easy to go.
Hungarian Finance Minister András Kármán reportedly acknowledged that the rules disrupted the market and were directly responsible for providers limiting or halting services in the country. In plain terms: a law meant to fight crypto crime ended up mostly punishing normal people trying to buy and hold coins, while pushing platforms to leave rather than comply.
Brussels was already pushing back
Hungary wasn’t just facing domestic pressure. The European Commission opened infringement proceedings against the country earlier in 2026, arguing the verifier requirements clashed with the EU’s Markets in Crypto-Assets regulation, better known as MiCA — the bloc-wide rulebook meant to standardize how crypto is regulated across member states. Hungary’s extra layer of national bureaucracy risked putting it out of step with the rest of the EU.
Importantly, this repeal doesn’t mean Hungary is going lawless on crypto. MiCA’s anti-money-laundering and know-your-customer requirements remain fully in place. What’s gone is the extra, Hungary-specific hurdle of needing a separately licensed verifier to bless every transaction — very few firms had even bothered getting licensed for that role since 2025, which itself was a sign the system wasn’t working.
Not everyone is cheering
Critics of the repeal warn that removing the verifier layer could open doors for money laundering or even financing of illicit or political activity, since the extra scrutiny is disappearing even if MiCA’s baseline checks stay. Supporters counter that MiCA’s AML and KYC rules were never actually removed, and that Hungary’s homegrown system was duplicative and economically self-defeating.
For everyday holders, the practical takeaway is simple: if you’re in Hungary, exchanges that pulled back — potentially including Revolut, eToro and CoinCash — now have a clearer legal path to return or expand services. That could mean easier access, more competition, and fewer headaches buying or selling crypto locally, all while still operating under the EU’s broader MiCA umbrella rather than a patchwork of stricter local rules.
Read more: Russia Wants Crypto Firms to Post Up to $2.8M Before They Can Operate
