Hungary has adopted laws that could slap individuals exchange the crypto using an unauthorized crypto exchange with prison.
Those who use a so-called “unauthorized cryptocurrency exchange service” could incur up to two years in prison with sanctions increasing according to the negotiated value, according to an update of the country’s penal code which entered into force on July 1.
Updated laws also target unauthorized cryptography service providers with up to three years in prison, which could increase according to the value of illicit trades.
The local media Télex reported on July 1 that the laws had confused cryptographic companies in the service of the country, because the Hungarian supervision authority for regulatory cases (SZTFH) has 60 days to develop executives of compliance for laws, but no orientation exists in the meantime.
New law for “cryptocurrency abuse”
The first update of the Hungary Criminal Code grants a sentence of up to two years in prison if an unauthorized crypto exchange is used to negotiate between 5 million at 50 million to ($ 14,600 to $ 145,950).
This penalty reached up to three years if the offense is of “particularly significant value” between 50 million and 500 million to the $ 145,950 to $ 1.46 million).
Offenses of more than 500 million forms can withstand a penalty of up to five years.
The “unauthorized” crypto now exchanges a criminal offense
The second updated law around the crypto grants up to three years in prison for those who provide “unauthorized cryptocurrency exchange activities” up to 50 million to the $ 145,950).
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Penalty increases are similar to unauthorized laws for the use of exchange, cryptographic service providers have reached up to five years in prison for offenses up to 500 million forces (1.46 million dollars) and up to eight years in prison for offenses of more than 500 million drills.
Revolut draws, then restores certain cryptography services
Earlier this month, the local points of sale portfolio indicated that Fintech based in the United Kingdom Revolut had withdrawn its services in Hungary on the laws.
A section of the Hungarian Revolut site said that it had arrested all the services related to the crypto in the country – including the withdrawals of the platform – due to “recently introduced Hungarian legislation” and had no calendar to remedy the services.
However, the portfolio reported on Monday that Revolut had no longer authorized the withdrawals of cryptography. Revolut also said that his EU arm was working on obtaining a cryptography license within the EU.
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