Hungary scraps crypto verifier rule, easing trading amid MiCA compliance
Hungary’s parliament has scrapped a crypto verifier rule that previously required third-party clearance before trading. The bill (T/305) passed on July 28, 2026 by a vote of 143-46 (1 abstention). Before the change, it was illegal to trade crypto without government-approved verifiers checking asset sources, wallet ownership, and customer information, then certifying transactions as compliant.
The rule removal comes after Hungary introduced “crypto asset abuse” laws in 2025 under Prime Minister Viktor Orbán’s government. Those rules reportedly imposed up to two years’ prison time for transactions between 5 and 15 million forints, and up to five years for higher amounts.
Hungarian Finance Minister András Kármán said the prior framework disrupted the market and contributed to major platforms—reported as Revolut, eToro, and CoinCash—pausing or limiting local operations. PwC data cited in the article says 74% of active Hungarian crypto users traded with Revolut, and the number of citizens trading crypto fell by about 80,000 (a 38% drop).
Despite removing the crypto verifier rule, oversight is not fully lifted: the new bill does not remove or restrict existing MiCA compliance guidelines, and AML/KYC coverage remains in place. However, opponents warned the repeal could increase risks such as money laundering and terrorist financing, while the European Commission opened infringement proceedings in early 2026 over conflicts with MiCA.
Overall, traders may view this as a potential catalyst for improved access and liquidity in Hungary—though it is still bounded by EU-level MiCA rules.
Bullish
The removal of Hungary’s crypto verifier rule should improve local exchange accessibility and reduce compliance friction, which can be positive for near-term volumes and sentiment. The article also notes that MiCA compliance remains in place, lowering the risk that the change becomes a regulatory void.
Historically, when jurisdictions ease onerous pre-trade approvals while keeping broader EU/AML/KYC frameworks, trading activity often rebounds first (access/liquidity) and then stabilizes as firms scale operations. Here, the cited shutdown/downsizing by Revolut and others—and the sharp decline in active traders—suggests meaningful pent-up demand that could return.
Counterweight: critics warn about AML and illicit-financing risks, and the EU infringement process indicates ongoing scrutiny. That could create intermittent volatility, especially around any future guidance or enforcement outcomes. Net effect: moderately bullish for adoption and liquidity in the short term, and broadly constructive long term as long as MiCA-aligned oversight continues.