Hungary Don Ban Unauthorised Crypto Trading Wit Prison Terms
Hungary don update e their criminal code on July 1, putin prison sentence for people wey dey do crypto trade wey no get permission. Dis punishment dey target people wey dey trade crypto for unlicensed exchange. Person fit catch prison for up to two years if dem trade crypto wey value between HUF 5 million and 50 million, three years if na between HUF 50 million and 500 million, and five years if pass HUF 500 million. People wey dey provide service without license fit face up to three years prison if transaction pass less than HUF 50 million, up to five years for HUF 50 million-500 million and eight years for big pass that. The Financial Supervisory Authority (SZTFH) get 60 days to arrange compliance framework. No guideline yet, this one make crypto companies dey uncertain. Fintech company Revolut stop their crypto services for Hungary small time but dem don allow withdrawal again as dem dey look for EU-wide license. Traders suppose dey watch how this stricter law go affect market access, liquidity, and compliance plans.
Bearish
For short term, if dem start put prison wahala for people wey dey do crypto trading without permission, e fit make people stop to dey trade for unlicensed platform dem, e go reduce how much trading and liquidity for Hungary crypto market. Because no clear rules dey, e fit also make companies put local service on pause or delay their expansion, e go affect market access more. For longer time, if dem dey enforce am well, e fit make licensed exchange dem strong and make people dey use regulated trading places. But the extra cost and legal risk fit make traders and service providers shy, the overall matter go make sense cautious.