Hungary lifts crypto market restrictions under new tech minister
In brief
- Hungary lifts crypto asset restrictions under newly appointed Minister Zoltán Tanács as of June 6, 2026.
- Previous rules imposed criminal penalties on unauthorized crypto services, forcing platforms like Revolut to exit the market.
- New government adopts pro-EU digital strategy, modeling Estonia's e-governance framework.
The restrictions Hungary is rolling back
Rules that took effect on July 1, 2025, introduced criminal penalties for providing unauthorized crypto services. The framework proved costly. Platforms like Revolut pulled back from offering crypto services in Hungary due to the restrictions, leaving local users with fewer options. Local firms faced elevated compliance costs under the previous crypto framework compared to competitors in friendlier jurisdictions.
Tanács framed the crypto rules as politically motivated rather than prudent regulation. His appointment signals the incoming government's willingness to recalibrate the country's approach to digital markets.
A pro-EU pivot
The new government has signaled a pro-EU digital strategy that contrasts with the more restrictive national measures of its predecessor. The incoming government is reportedly looking toward Estonia's e-governance framework as a model. Estonia's system is widely regarded as one of the most digitally advanced in Europe.
This shift extends beyond crypto. Tanács indicated that regulations governing cybersecurity auditors may be modified, particularly as they relate to the EU's NIS2 directive. Around 4,000 Hungarian companies are navigating NIS2 compliance requirements with a June 30 deadline.
Alignment with EU standards
The EU has been building its own crypto framework through MiCA (Markets in Crypto-Assets regulation) to create harmonized rules across member states. Hungary's move toward lifting restrictions aligns the country with this broader EU effort. By removing criminal penalties and easing the compliance burden, Hungary signals it wants to compete as a digital hub within the bloc rather than operate as an outlier.
