While Bitcoin (BTC) and cryptocurrency usage and adoption continues to spread around the world, the latest move in this regard came from Hungary. However, a negative step came from Hungary. Hungary has implemented one of the world's most restrictive cryptocurrency laws as of July 1. With the strict new cryptocurrency laws coming into effect, cryptocurrency trading has become a crime for many citizens, with prison sentences introduced for unauthorized cryptocurrency transactions and services. Accordingly, it introduced prison sentences of up to 5 years for individuals and up to 8 years for service providers who engage in unauthorized crypto trading. Those using unauthorized cryptocurrency trading services face up to two years in prison for simple transactions, up to three years for high-value transactions exceeding 50 million Hungarian forints (about $140,000), and up to five years for transactions exceeding 500 million forints. London-based digital bank Revolut, which has over 2 million Hungarian customers, announced in a statement that it will "temporarily suspend its cryptocurrency services in Hungary immediately and until further notice." “It is incomprehensible why Hungary is applying such restrictive rules while the EU is creating unified standards,” one crypto analyst said. “While some EU countries are postponing the implementation of MiCA, others have already started processing compliance applications.” *This is not investment advice. [Forbes]

Shocking Decision from This Country: One of the World's Most Restrictive Cryptocurrency Laws Has Come into Force!