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Hungary repeals crypto checks as first MiCA license is granted

Hungary has repealed its strict national cryptocurrency validation requirement after parliament voted to scrap the rule, which had forced some service providers to halt operations. The move coincides with the National Bank of Hungary granting the country's first license under the EU's Markets in Crypto-Assets (MiCA) regulation to local platform CoinCash. The repealed rule, part of a 2024 law, mandated that a licensed validator verify details like asset origin and customer information for certain crypto conversions before issuing a compliance declaration. This added an extra layer of approval on top of MiCA requirements. Coupled with a shortened MiCA transition deadline, the regulatory environment led platforms like CoinCash to suspend services temporarily. Finance Minister Kármán András stated the previous regulations had disrupted the market but that recovery signs are now visible. With the validation step removed, broader licensing under MiCA remains. CoinCash, having received its MiCA authorization covering services like exchange and custody, plans to gradually resume and expand its offerings.

cointelegraphHace 10 hora(s)