Hungary Cracks Down on Crypto with Harsh Penalties for Unlicensed Activity

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Hungary has introduced sweeping restrictions on cryptocurrency trading, including severe penalties for those using unlicensed exchanges or conducting unauthorized large transactions.

Under the new law, individuals face up to five years in prison, while non-compliant service providers risk eight-year sentences.

The Hungarian National Bank now oversees the sector, mandating licenses for all crypto businesses. However, with no clear application process yet published, domestic and international firms remain in legal uncertainty.

Revolut and Bitstamp have reportedly stopped offering crypto services to Hungarian customers in response.