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Shocking Decision from This Country: One of the World's Most Restrictive Cryptocurrency Laws Has Come into Effect!
Bitcoin (BTC) and cryptocurrency usage and adoption continue to spread worldwide, with the latest move coming from Hungary.
However, a negative step came from Hungary.
According to Forbes, Hungary has implemented one of the world's most restrictive cryptocurrency laws as of July 1st.
With the newly enacted strict cryptocurrency laws, cryptocurrency trading has become a crime for many citizens, and prison sentences have been imposed for unauthorized cryptocurrency transactions and services.
Accordingly, it introduced up to 5 years of imprisonment for individuals engaged in unauthorized cryptocurrency trading, and up to 8 years of imprisonment for service providers.
Individuals using unauthorized cryptocurrency trading services face up to two years in prison for simple transactions, while high-value transactions exceeding 50 million Hungarian forints, approximately 140,000 dollars, can result in three years in prison, and transactions exceeding 500 million forints can lead to up to five years in prison.
Revolut, a London-based digital bank with more than 2 million Hungarian customers, announced that it will "immediately suspend cryptocurrency services in Hungary temporarily until the next announcement."
A crypto analyst said, "It is impossible to understand why Hungary is applying such restrictive rules while the EU is creating unified standards. While some EU countries are delaying the implementation of MiCA, others have already started processing compliance applications."