Hungary has rolled out aggressive new crypto regulations, threatening prison time for those trading on unlicensed platforms or making unauthorized transactions over $146,000.
The law, effective since July 1, allows sentences of two to five years for individuals and up to eight years for service providers.
The Hungarian National Bank now regulates the sector, requiring licenses for all crypto businesses—but with no published application process, compliance is impossible for now.
As a result, major exchanges like Revolut and Bitstamp have already withdrawn services from Hungary.
