Ah, dear comrades, the Hungarian government has decided to join the ranks of the most… let’s say, “progressive” countries in the world. As of July 1, using an unauthorized crypto exchange can land you in prison for up to two years 🚔. Because, you know, the state knows better how to handle your digital assets 🤑.
The updated Criminal Code is a real treat. Those who dare to use an “unauthorized crypto-asset exchange service” can face penalties that increase based on the value traded. It’s like a game of financial roulette, where the stakes are your freedom 🎲.
But wait, there’s more! Unauthorized crypto service providers can get up to three years in prison, with the possibility of an extended stay depending on the value of illicit trades. It’s a veritable crypto-crime bonanza 🎉.
Local news outlet Telex reported that crypto companies serving the country are, understandably, confused. The Supervisory Authority for Regulatory Affairs (SZTFH) has 60 days to develop compliance frameworks, but in the meantime, it’s a Wild West of crypto-regulation 🤠.
The “Abuse of Crypto-Assets” Law: A Comedy of Errors
The first update to the Criminal Code is a real masterpiece. If you use an unauthorized crypto exchange to trade between 5 million to 50 million forints ($14,600 to $145,950), you can get up to two years in prison. But if you’re a high-roller and trade between 50 million and 500 million forints ($145,950 to $1.46 million), the penalty rises to up to three years 🤑.
And if you’re a real crypto-whale and trade over 500 million forints, you can get up to five years in prison. It’s like a game of “Crypto-Asset Abuse” where the stakes are your freedom 🎮.
But don’t worry, comrades, the Hungarian government is just trying to protect you from the dangers of crypto 🙄.
“Unauthorized” Crypto Exchanges: A Criminal Offence
The second updated law is just as delightful. Providing unauthorized “crypto-asset exchange service activities” of up to 50 million forints ($145,950) can get you up to three years in prison. And if you’re a repeat offender, the penalties increase accordingly 🤦♂️.
But the real kicker is that crypto service providers can get up to five years in prison for offences up to 500 million forints ($1.46 million) and up to eight years in prison for offences over 500 million forints. It’s like a never-ending game of “Crypto-Asset Musical Chairs” where the stakes are your freedom 🎶.
Revolut: A Cautionary Tale
Earlier this month, local outlet Portfolio reported that the UK-based fintech company Revolut pulled its services in Hungary over the laws. But then, in a surprising twist, Revolut reinstated some crypto services, including withdrawals 🤑.
A section of Revolut’s Hungarian site said it had stopped all crypto-related services in the country due to “recently introduced Hungarian legislation.” But it seems that Revolut’s EU arm is working on gaining a crypto license within the EU, because, you know, the show must go on 🎭.
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2025-07-15 06:59