Hungary’s new government makes a major U-turn: the Minister of Technology announces the repeal of crypto criminalization, and the platform Revolut is expected to return

Hungary's new Minister of Technology, Zoltán Tanács, announced on June 6 that the government will revoke the previous administration's cryptocurrency market restrictions implemented in July 2025. The law classified unauthorized crypto services as criminal offenses, leading platforms like Revolut to exit the Hungarian market. Tanács criticized these politically motivated regulations for stifling competitiveness. The new government will shift toward a pro-EU digital strategy and consider amending the NIS2 cybersecurity audit standards. Currently, about 4,000 Hungarian companies face a compliance deadline of June 30.
(Background: Buying Bitcoin could land you in jail! Hungary enacts harsh crypto penalties: unauthorized trading can result in 8 years in prison, 2 million users remain inactive)
(Additional context: Ripple targets the EU market, Luxembourg becomes a crypto giant, MiCA’s new focus)

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• 2025 Regulatory Storm: From Criminalization to Platform Exit
• New Government Reverses Course: From Regulation to Prioritizing Competitiveness
• NIS2 Compliance Pressure: 4,000 Companies Counting Down

Hungary’s Minister of Technology, Zoltán Tanács, stated in a public announcement on June 6 that the government will lift the "unreasonable restrictions" on the crypto asset market, paving the way for international crypto service platforms that previously withdrew due to strict regulations to return. This statement marks a significant shift in Hungary’s stance on crypto asset regulation under the new government formed after the April elections.

2025 Regulatory Storm: From Criminalization to Platform Exit

Effective July 1, 2025, Hungary’s crypto asset regulations introduced criminal penalties for providing unlicensed crypto-related services, with a maximum sentence of 8 years in prison. Industry insiders describe this as "the strictest in the EU," which immediately caused market turbulence. European fintech platform Revolut temporarily suspended crypto services in Hungary, and other international platforms also scaled back operations.

Local Hungarian crypto companies face sharply rising compliance costs. Compared to neighboring countries like Austria and Poland, Hungarian firms must meet more stringent KYC (Know Your Customer) and AML (Anti-Money Laundering) requirements, with legal responsibilities that are often unclear. Many startups are choosing to relocate to EU member states with more favorable regulations.

According to previous reports by Dongqu, when the law was enacted, it affected approximately 2 million crypto users in Hungary, accounting for over 20% of the country’s population.

New Government Reverses Course: From Regulation to Prioritizing Competitiveness

Tanács was appointed as Hungary’s Minister of Technology in May 2026, under the new government formed after the April elections, led by the TISZA party. He described the previous government’s crypto regulatory framework as "politically motivated measures rather than prudent regulation," implying that the former administration demonized crypto assets rather than balancing risk and innovation.

The new government’s digital strategy centers on "pro-EU, competitiveness-first," sharply contrasting with the previous protectionist approach. Hungary is reportedly drawing inspiration from Estonia’s e-governance framework—considered one of Europe’s most advanced digital governance systems—as a blueprint for development.

This shift is also driven by the EU’s regulatory framework. The EU’s Markets in Crypto-Assets Regulation (MiCA) has been gradually implemented since 2025, aiming to establish unified crypto asset regulations across member states. If Hungary adjusts its domestic laws to align with MiCA, local businesses will benefit from regulatory consistency and avoid the dual compliance burdens of national and EU laws.

NIS2 Compliance Pressure: 4,000 Companies Counting Down

In addition to crypto regulation, Tanács also hinted at possible amendments to the cybersecurity audit requirements related to the EU’s NIS2 directive. NIS2 is the EU’s latest cybersecurity regulation, significantly expanding its scope compared to the previous version. Currently, about 4,000 Hungarian companies face a compliance deadline of June 30, with some criticizing the opacity and conflicts of interest in the current audit agency designation process.

Analysts note that while loosening crypto regulations and adjusting NIS2 are different areas, both reflect the new government’s policy of "reducing corporate burdens and embracing EU standards." For Hungary, an emerging Central European economy, attracting crypto capital and businesses will be a key indicator of the success of the new digital policies.

This article is sourced from Cryptobriefing, translated by Dongqu editor Flip.