Hungary scraps crypto validator checks to align with MiCA framework

cryptonews

Jul 29

Hungary has removed its controversial cryptocurrency validator requirement after lawmakers voted to repeal the rule, clearing the way for crypto firms including CoinCash to restore services under the ...

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to restore services under the ...</p>\n\n<a href=\"https://crypto.news/hungary-scraps-crypto-validator-checks-to-align-with-mica-framework/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BITW","symbol_name":"Bitwise 10 Crypto Index ETF","start_time":0,"source_url":"https://crypto.news/hungary-scraps-crypto-validator-checks-to-align-with-mica-framework/","article_id":"2655869665","we_media_id":null,"thumbnails":[],"rights":{"source":"crypto_news_highlight","url":"https://crypto.news/hungary-scraps-crypto-validator-checks-to-align-with-mica-framework/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2655869665","pubTimestamp":1785320833,"columns":[],"sourceInfo":{"source_id":"crypto_news_highlight","name":"Crypto News"},"weMediaInfo":null,"summary":"Hungary has removed its controversial cryptocurrency validator requirement after lawmakers voted to repeal the rule, clearing the way for crypto firms including CoinCash to restore services under the European Union’s Markets in Crypto-Assets  framework.Hungary has repealed its mandatory crypto validator requirement after Parliament voted to remove the rule.The government said the previous framework drove crypto firms out of the market and disrupted trading activity.CoinCash has received Hungary’s first MiCA license and plans to gradually resume crypto services.The latest changes move Hungary’s crypto rules closer to the European Union’s MiCA framework.According to Hungarian tax and legal publication Ado.hu, the Hungarian Parliament approved legislation on Tuesday repealing the mandatory third-party validation process that had applied to certain cryptocurrency transactions.Writing on Facebook, András said many cryptocurrency businesses had ended operations in Hungary because of the earl","collect":0,"end_time":0,"defaultTopTitle":"crypto.news","property":[],"viewcount":null,"language":"en","relate_stocks":{"BITW":"Bitwise 10 Crypto Index ETF","TEKX":"SPDR Galaxy Transformative Tech Accelerators ETF","CRPT":"First Trust SkyBridge Crypto Industry and Digital Economy ETF","NCIQ":"HASHDEX NASDAQ CRYPTO INDEX US ETF","LFGY":"YieldMax Crypto Industry and Tech Portfolio Option Income ETF","BLOK":"Amplify Transformational Data Sharing ETF","DAPP":"VanEck Digital Transformation ETF","DIME":"CoinShares Altcoins ETF","GDLC":"Grayscale CoinDesk Crypto 5 ETF","BITQ":"Bitwise Crypto Industry Innovators ETF","BKCH":"AdvisorShares Sabretooth ETF","HECO":"SPDR Galaxy Hedged Digital Asset Ecosystem ETF","DECO":"SPDR Galaxy Digital Asset Ecosystem ETF","STCE":"Schwab Crypto Thematic ETF"},"translate_title":"匈牙利取消加密验证器检查以与 MiCA 框架保持一致","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BLOK":0.86,"STCE":1.5,"BITW":1.5,"LFGY":1.5,"DAPP":1.5,"TEKX":1.5,"CRPT":1.5,"BITQ":1.5,"DIME":1.5,"GDLC":1.5,"DECO":1.5,"NCIQ":1.5,"HECO":0.86,"BKCH":1.5},"content_text":"Hungary has removed its controversial cryptocurrency validator requirement after lawmakers voted to repeal the rule, clearing the way for crypto firms including CoinCash to restore services under the European Union’s Markets in Crypto-Assets (MiCA) framework.\n\n\nSummary\n\n\n\nHungary has repealed its mandatory crypto validator requirement after Parliament voted to remove the rule.\nThe government said the previous framework drove crypto firms out of the market and disrupted trading activity.\nCoinCash has received Hungary’s first MiCA license and plans to gradually resume crypto services.\nThe latest changes move Hungary’s crypto rules closer to the European Union’s MiCA framework.\n\n\n\nAccording to Hungarian tax and legal publication Ado.hu, the Hungarian Parliament approved legislation on Tuesday repealing the mandatory third-party validation process that had applied to certain cryptocurrency transactions. \nFinance Minister Kármán András said the government decided to eliminate the requirement after the previous framework disrupted the domestic crypto market and led several companies to withdraw or suspend their services.\nWriting on Facebook, András said many cryptocurrency businesses had ended operations in Hungary because of the earlier regulations and that the market was beginning to recover following the policy change.\nThe repeal removes an additional transaction approval layer that existed alongside MiCA while leaving the country’s licensing and compliance obligations for crypto asset service providers unchanged.\nHungary has removed an extra crypto approval step\nThe validator requirement originated under Hungary’s 2024 crypto assets law, which introduced a separate compliance process for selected cryptocurrency transactions.\nAfter the rules took effect on July 1, 2025, crypto-to-fiat and crypto-to-crypto conversions covered by the framework required approval from a licensed local validator before they could proceed. Validators had to examine the origin of digital assets, confirm wallet ownership, verify customer identities, and issue a compliance declaration before transactions could receive legal recognition.\nThe framework operated alongside the European Union’s MiCA regulation. Hungary also shortened the transition period available to crypto asset service providers, requiring firms to comply by July 1, 2025, even though the EU allowed member states to extend the transition until July 1, 2026.\nEarlier legislation also attached criminal liability to certain cryptocurrency activities. Amendments to Hungary’s Criminal Code and Act VII of 2024, commonly known as the Crypto Act, created offenses covering unauthorized crypto exchange services and certain crypto transactions completed outside the approved validation process.\nAs reported previously, transactions completed without a compliance certificate were considered legally invalid. Licensed crypto conversion validation service providers, supervised by Hungary’s Supervisory Authority of Regulated Activities, were responsible for reviewing wallet ownership, customer profiles, transaction history, and the source of crypto assets before issuing certificates.\nThe latest repeal follows policy changes announced after Hungary’s April 2026 parliamentary election, which ended former Prime Minister Viktor Orbán’s 16-year tenure and brought Peter Magyar’s pro-European Tisza Party into government.\nBack in June, government spokeswoman Anita Kobol said Hungary planned to remove prison penalties linked to cryptocurrency trading after restrictions introduced under the previous administration contributed to falling trading activity and prompted several platforms to reduce their presence in the country.\nKobol also said the European Union had opened an investigation into whether Hungary’s previous crypto rules complied with EU law.\nAt the time, Innovation and Technology Minister Zoltán Tanács described the earlier regulatory framework as excessive and politically driven, while the government said it intended to bring Hungary’s approach closer to MiCA.\nAccording to a Forbes report published after the restrictions came into force, individuals using unauthorized crypto services faced prison terms of up to two years for transactions valued between 5 million and 50 million Hungarian forints. Penalties increased to five years for transactions between 50 million and 500 million forints, while transactions exceeding 500 million forints carried prison sentences of up to eight years.\nThe same report said operators providing unauthorized crypto exchange services also faced prison terms ranging from three to eight years depending on transaction volumes.\nIndustry participants cited by Forbes warned that the framework created legal uncertainty for users and companies alike. The publication also noted that around 500,000 Hungarians were involved in cryptocurrency activities when the legislation was introduced.\nCoinCash has secured Hungary’s first MiCA authorization\nAs the regulatory environment changed, Budapest-based CoinCash completed its licensing process under MiCA.\nAccording to a company announcement reviewed by Cointelegraph, the National Bank of Hungary granted MiCA authorization to CoinCash operator Tiwala Solutions on July 20.\nCoinCash co-founder Gábor Galántai said in a LinkedIn post on Friday that the company had become the first Hungarian business to receive direct authorization from the country’s central bank under the EU framework.\nThe authorization permits CoinCash to offer custody services, crypto-to-fiat exchanges, crypto-to-crypto trading, digital asset transfers, investment advice and portfolio management under MiCA.\nCoinCash said it underwent a months-long compliance review before receiving approval. The company had voluntarily suspended operations in December 2025 while preparing to satisfy MiCA requirements after the earlier Hungarian rules created additional regulatory obligations.\nMiCA alignment has supported the market reopening\nSeveral crypto businesses adjusted their operations while Hungary’s stricter framework remained in place.\nRevolut suspended cryptocurrency services in Hungary after the restrictions took effect, while other digital asset companies reportedly considered relocating to countries including Estonia and Lithuania. Trading activity also declined following implementation of the rules.\nWith Parliament now removing the validator requirement and the government previously announcing plans to eliminate criminal penalties tied to crypto trading, Hungary’s regulatory framework is moving closer to the European Union’s MiCA system.\nCoinCash has said it will gradually restore its services and expand into additional MiCA-regulated products beyond cryptocurrency trading after securing its authorization from the National Bank of Hungary.\n\n\n\n\n\n                Read more:\n            \n\n                CFTC faces challenge from 44 states over prediction market rule","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}