Hungary's New Cryptocurrency Legislation Sparks Concerns in Fintech Sector

According to PANews, Hungary has implemented one of the world's strictest cryptocurrency laws, effective from July 1, causing widespread confusion and concern in the fintech industry. The new regulations have led major fintech companies to halt services, with digital bank Revolut announcing an immediate suspension of its cryptocurrency services in Hungary. The legislation introduces two criminal offenses: severe penalties for using unauthorized services and operators, with basic transactions facing up to two years in prison, transactions over 50 million Hungarian forints facing up to three years, and transactions exceeding 500 million forints facing up to five years. Additionally, service providers operating without proper authorization may face harsher penalties, with larger operations potentially resulting in up to eight years of imprisonment source: https://www.binance.com/en/square/post/26930188992794?utm_source=BinanceNewsRSS