Hungarian Parliament Scraps Crypto Verifier Rule: What Does it Mean?

Bill T/305 passed parliamentary vote 143-46, with 1 abstention, on July 28, 2026. Prior to this vote, it was illegal to trade crypto in Hungary without clearance from government-approved verifiers. These validators were tasked with checking asset sources, wallet ownership, and client information before certifying any prospective crypto transactions as compliant. Laws pertaining to the ‘abuse of crypto assets’ were introduced in 2025 under Prime Minister Viktor Orbán’s government. Transactions between 5 and 15 million forints (roughly $15,000 – $150,000) were reportedly punishable by a two-year prison sentence, with up to five years for higher amounts. Hungarian Finance Minister András Kármán states that the rules disrupted the market and caused providers such as Revolut, eToro, and CoinCash to halt or limit their operations. The EU Commission opened infringement proceedings against these laws in early 2026 on the basis that they conflicted with MiCA regulations. Crypto oversight is still in place, as the new bill does not remove or restrict existing MiCA compliance guidelines. Opponents of the bill argue that repealing existing regulations creates opportunities for money laundering and for financing by terrorist groups or political parties. Supporters, on the other hand, point out that AML and KYC laws remain covered by MiCA. Very few firms were licensed as validators since 2025. 74% of active Hungarian crypto users traded with Revolut, and the company ceased local operations; the number of citizens trading crypto fell by 80,000, a 38% drop, according to PwC. The lifting of these restrictions is believed by many to encourage crypto operators to re-enter Hungary, signaling a crypto-friendly environment that remains compliant with EU laws. The post Hungarian Parliament Scraps Crypto Verifier Rule: What Does it Mean? appeared first on CryptoPotato.