Hungary Implements New Crypto Regulations, Designating Specific Digital Asset Transactions as Criminal Offenses

On July 14, Forbes reported that Hungary has implemented the world's strictest cryptocurrency regulations. The new regulations, which took effect on July 1, may classify digital asset transactions as criminal offenses. According to the new regulations, individuals using unauthorized cryptocurrency exchanges will face up to two years in prison, and large transactions may result in a maximum sentence of five years. Digital bank Revolut has announced an immediate suspension of its crypto services in Hungary, affecting its over 2 million Hungarian users. Industry experts estimate that approximately 500,000 Hungarian citizens hold cryptocurrencies and are currently facing legal risks. [Deep Tide TechFlow]