Revolut, the British fintech firm providing digital banking solutions, has started to bring back some of its cryptocurrency offerings in Hungary. This follows a temporary suspension earlier this year due to new regulations. According to Portfolio.hu, a Hungarian news source [1], users can now once again deposit crypto, unstake coins, and earn staking rewards within the Revolut app. However, key functions like buying, selling, and transferring cryptocurrencies remain unavailable as Revolut waits for more clarity on how to comply with Hungary’s strict rules and broader EU legislation.
Hungary’s recently enacted cryptocurrency law, implemented on July 1st, introduces criminal penalties for operating crypto services without proper licensing. Individuals or companies offering crypto-related services without authorization face potential jail time – up to five years for individuals and up to eight for businesses, depending on the transaction value. This law affects platforms operating within Hungary, regardless of existing licenses held elsewhere in the EU. As a consequence, Revolut paused all crypto activities in early July, including deposits, withdrawals, and staking. By mid-July, some features were gradually reinstated. The latest update now supports staking functionalities for more than 30 different tokens, giving users limited options for crypto engagement [1].
The complete restoration of services in Hungary is stalled by ongoing legal uncertainties. Revolut is pursuing approval under the EU’s Markets in Crypto-Assets (MiCA) regulation through its European entity, but is awaiting further clarification on how to harmonize its services with local requirements. This regulatory ambiguity demonstrates the difficulties faced by multinational crypto platforms in navigating varied legal environments, especially in countries with rapidly changing policies.
Hungary’s approach, which is framed as regulatory enforcement rather than a total ban, has generated varied opinions. Critics fear the law’s severe penalties could suppress innovation and push crypto activity into less regulated channels. Supporters, on the other hand, see it as essential to protect consumers and ensure compliance. Revolut’s gradual return of services illustrates the delicate act companies must perform in balancing compliance and maintaining user access. Their strategy of reinstating staking features, while holding back on transactional services, reflects a cautious approach to meeting Hungary’s requirements while still offering some level of user engagement.
For Revolut, the situation in Hungary is just one piece of a larger regulatory puzzle. Valued at $45 billion and operating in over 30 countries, Revolut is expanding its global presence with licenses secured in the UK, Lithuania, and India, among others. Last year, they introduced Revolut X, a dedicated crypto trading platform for UK users, emphasizing low fees and easy transfer of funds in and out of the platform. The company’s success in overcoming regulatory obstacles across diverse markets will be crucial to sustaining its growth as global crypto regulations continue to develop.
The partial resumption of services in Hungary represents a temporary agreement rather than a final solution. Until the regulatory landscape clarifies how EU rules like MiCA interact with national laws, Revolut and similar companies will likely maintain a careful approach. This event also highlights the broader conflict between innovation and regulation in the crypto industry, where regulatory uncertainty can significantly impact user access and platform strategies.
Source: [1] [Revolut Restores Partial Crypto Services in Hungary After Regulatory Pause] [https://cryptonews.com/news/revolut-restores-partial-crypto-services-in-hungary-after-regulatory-pause/]