Hungary plans to lift strict crypto market restrictions to boost the economy, allowing providers to operate without special permits.
The Hungarian government is set to remove overly strict regulations on the digital asset market, according to the newly appointed Minister of Science and Technology, Zoltan Tanac, as reported by Bloomberg.
Since 2025, existing legislation imposed criminal penalties on crypto service providers operating without a specific permit, resulting in the departure of significant players such as the fintech platform Revolut, while local businesses grappled with steep compliance costs.
Tanac criticized the previous administration's approach as detrimental to the economy. The new government aims to:
- decriminalize participants in the crypto market;
- revise cybersecurity regulations affecting businesses;
- harmonize national laws with the European MiCA regulation.
The authorities are looking to Estonia's model for fostering a robust digital environment. Tanac emphasized that these regulatory changes are intended to entice international platforms back to Hungary and ease operational burdens for local companies.
The regulatory overhaul will also address the NIS2 directive, which affects around 4,000 Hungarian businesses required to comply with new regulations by June 30.
In a related development, the Central Bank of Pakistan recently lifted an eight-year ban on cryptocurrency transactions in April.
