Hungary Implements Strict New Crypto Law, Illegal Transactions Could Result in up to 8 Years in Prison

According to Forbes, Hungary has implemented new cryptocurrency legislation effective July 1, prohibiting unauthorized digital asset transactions. Individuals using unlicensed crypto trading services will face up to 2 years in prison, with transactions exceeding 50,000,000 forints (approximately $140,000) punishable by 3 years, and those exceeding 500,000,000 forints punishable by 5 years. Unlicensed service providers face prison sentences of up to 8 years. Revolut has announced the suspension of its crypto services in Hungary. Local media reports that approximately 500,000 Hungarians have purchased cryptocurrencies with legal income, and regulatory details have not yet been released. [Foresight News]