Revolut Ceases Crypto Operations in Hungary
Revolut, the global financial technology company, has announced the complete suspension of its cryptocurrency services for customers in Hungary. The decision, which took full effect on December 18, 2025, comes in response to recent and upcoming changes in Hungary's regulatory and criminal law framework concerning digital assets. This move follows an earlier temporary suspension in July 2025 and a subsequent partial restoration of some services.
The fintech giant cited the need to maintain regulatory compliance and meet local supervisory requirements as the primary reasons behind its decision. Despite Revolut Digital Assets Europe Ltd. having obtained authorization from the Cyprus Securities and Exchange Commission (CySEC) under the EU's Markets in Crypto-Assets (MiCA) regulation, the company concluded that the Hungarian regulatory environment presented risks it could not currently mitigate.
Hungary's Strict Regulatory Environment
The suspension is a direct consequence of new Hungarian legislation, which became effective on July 1, 2025. These laws introduced severe penalties for unauthorized crypto transactions and service provision. Under the updated Criminal Code, individuals engaging in unauthorized crypto activities face potential prison sentences of up to five years, while operators of unauthorized platforms could face up to eight years.
The new regulations require all crypto-related services to obtain national licensing, irrespective of whether they hold an EU registration like the MiCA authorization. This has created a complex and uncertain legal landscape, which industry players describe as making lawful operation impossible.
Impact on Users and Other Providers
Revolut users in Hungary were given a deadline of December 18, 2025, to sell their existing crypto assets, convert them into fiat currency, or conduct on-chain withdrawals to an external wallet. For staked crypto, the deadline for unstaking was December 10, 2025. Any remaining funds after these dates were to be automatically sold at the prevailing market price, with proceeds credited to users' main Revolut accounts, and crypto accounts subsequently closed.
The impact extends beyond Revolut. CoinCash, one of Hungary's largest domestic cryptocurrency platforms and operator of the country's largest Bitcoin ATM network, also announced the temporary suspension of all its services on the same day as Revolut's complete shutdown announcement. Additionally, Bitstamp ceased trading services for Hungarian users, citing legal uncertainty. These collective actions mark a significant disruption for both retail and professional crypto users across the country.
Ongoing Regulatory Uncertainty
The stringent measures implemented by Hungary highlight a divergence from the broader EU approach to crypto regulation, despite the introduction of MiCA aimed at harmonizing rules across member states. The additional national licensing requirements and severe penalties have led to a challenging environment for fintech companies operating in the digital asset space within Hungary, leaving the future of crypto services in the country uncertain.
5 Comments
KittyKat
Overregulation will just drive crypto underground, not eliminate it.
Katchuka
The divergence from MiCA shows Hungary's commitment to its own regulatory vision, which has its merits in local control. Yet, it creates a fragmented market within the EU, complicating operations for fintechs and potentially hindering economic growth.
Leonardo
Revolut did the right thing by complying. Rules are rules.
Raphael
While the immediate impact is a loss of services for Hungarian users, perhaps this extreme stance will force a clearer, more sustainable regulatory path in the long run. However, the current cost to users and businesses is undeniably high.
Donatello
This shows that national sovereignty still matters for finance.