Hungary's new crypto law takes effect, with illegal transactions punishable by up to 8 years in prison
Powered by ChatGPTHungary officially implemented new cryptocurrency legislation on July 1, prohibiting any unlicensed digital asset trading activities. Individuals who use unlicensed crypto services can be sentenced to up to 2 years in prison; those with single transactions exceeding 50,000,000 forints (approximately $140,000.00) can face up to 3 years, and those exceeding 500,000,000 forints can face up to 5 years. Unlicensed service providers can face up to 8 years in prison. It is reported that the fintech platform Revolut has announced the suspension of its cryptocurrency services in Hungary. Local media pointed out that approximately 500,000 Hungarians have invested in crypto assets through legal income, and the details of regulatory enforcement are not yet clear. (Forbes) [Odaily Planet Daily]