- Revolut resumes crypto withdrawals in Hungary amid regulatory changes.
- Services allow withdrawals and staking rewards but no new purchases.
- Compliance aligns with Hungary’s new crypto regulations.
Revolut has partially resumed its cryptocurrency services in Hungary, allowing wallet withdrawals and staking rewards access, after previously pausing operations due to local regulatory changes.
This move reflects Revolut’s commitment to regulatory compliance, impacting users by enabling asset transfers, while buying and selling remain halted, affecting their crypto engagement strategies.
Revolut has restored partial crypto services in Hungary following a regulatory pause. The restoration primarily affects crypto wallet withdrawals and staking, enabling users to manage their crypto assets despite restrictions on new purchases and deposits.
The involved parties include Revolut, a European neobank, and Hungarian regulators who enforce strict crypto regulations. Revolut’s response includes direct communications with users, highlighting changes like the ability to claim staking rewards. As the Director of Customer Communications at Revolut stated, “You can now access your staking rewards and withdraw previously held tokens to external wallets. Buying, selling, and receiving new crypto deposits remains unavailable.” source
Immediate effects on users and the market include the resumption of staking and withdrawals for over 30 tokens but with continued restrictions on new trading operations. The move reflects compliance with Hungary’s new stringent crypto regulations. This change comes as Revolut allows crypto staking in Hungary again after facing previous restrictions.
Potential outcomes include better regulatory and technological integration for Revolut within Hungary’s framework. Historical precedents indicate that embracing regulatory compliance fosters trust and potentially prepares the company for future expansions under the EU’s MiCA laws. Legal consequences, as stated by the Hungarian National Bank, highlight the seriousness of their new regulations: “Imposes up to 5 years imprisonment for unlicensed crypto activity by individuals and up to 8 years for platform operators.”
