Hungary passes laws that can slap individuals who trade crypto with an unauthorized crypto exchange in prison.
Users of a so -called “unauthorized asset exchange service” may face up to two years in prison with an increase of penalty based on The value exchangedAccording to a Update in the criminal code of the country that became a force on July 1.
Also targets that updated laws are not authorized Crypto service providers with up to three years in prison, which may increase depending on the amount of prohibited trading.
Local news out of news reported On July 1 the laws confused the crypto companies serving the country, as the administration of Hungary authority for regulatory work (SZTFH) had 60 days to produce frameworks of compliance for laws, but no guide exists in the meantime.
New law for “abuse of crypto-assets”
The first update on Hungary’s Criminal Code gives a penalty for up to two years in prison if an unauthorized crypto exchange is used to trade between 5 million to 50 million forints ($ 14,600 to $ 145,950).
That penalty increases up to three years if the offense is “a particularly large amount” between 50 million and 500 million forints ($ 145,950 to $ 1.46 million).
Sinterness over 500 million forints can bring penalty for up to five years.
“Unauthorized” Crypto exchange now a criminal offense
The second updated law around the crypto provides up to three years in prison for those who provide unauthorized “asset exchange services” up to 50 million forints ($ 145,950).
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The increase in penalties is similar to unauthorized exchange laws, along with crypto service providers up to five years in prison for offenses up to 500 million forints ($ 1.46 million) and up to eight years in prison for offenses of over 500 million for those for those.
Revolut’s pulls, then some Crypto services will be returned
Earlier this month, the local outlet portfolio reported That the UK -based company Revolut has pulled its Hungary services to the laws.
A section of Revolut’s Hungarian Site It said it stopped all services associated with the country-including departures from the platform-because of “recently introduced Hungarian law,” and there is no timeline for when it will restore services.
However, portfolio reported On Monday, Revolut re -allowed the crypto backwards. Revolut also said the EU’s arm was working on having a crypto license within the EU.
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