Hungary Tightens Laws For ‘unauthorized’ Crypto Trading
Hungary has passed laws that could slap individuals trading crypto using an unauthorized crypto exchange with prison.
Those who use a so-called “unauthorized crypto-asset exchange service” could face up to two years in prison with penalties increasing based on the value traded, according to an update to the country’s Criminal Code that came into force on July 1.
The updated laws also target unauthorized crypto service providers with up to three years in prison, which could increase depending on the value of illicit trades.
Local news outlet Telex reported on July 1 that the laws have confused crypto companies serving the country, as Hungary’s Supervisory Authority for Regulatory Affairs (SZTFH) has 60 days to develop compliance…
