Revolut Resumes Crypto Staking in Hungary Post Legal Review of New Law

Digital banking platform Revolut has resumed crypto staking services in Hungary following a temporary suspension triggered by the country’s newly enacted legislation, which criminalizes the use of unregistered platforms for digital asset trading. The company, which halted most of its crypto offerings on July 7, now allows Hungarian users to stake tokens on proof-of-stake blockchains like Ethereum and Cardano, though services such as new account openings and crypto deposits remain paused [1]. A Revolut spokesperson stated the decision to reintroduce staking was based on a legal reassessment, noting that the revised law targets “crypto-asset exchanges” but does not explicitly regulate staking as a service [2]. This distinction has enabled Revolut to cautiously restore a portion of its offerings while awaiting broader regulatory clarity under the European Union’s Markets in Crypto Assets (MiCA) framework.

Hungary’s legislation, an extension of the EU’s Fifth Anti-Money Laundering Directive (AMLD5), imposes criminal penalties for using unlicensed platforms, prompting Revolut and others to suspend operations in the country earlier this month. The law’s focus on exchanges—rather than staking or non-custodial services—has created a legal gray area, allowing Revolut to reinterpret its compliance obligations [3]. The company now emphasizes that its staking service functions as a “technical utility” rather than a regulated financial product, a classification that aligns with its interpretation of the law [4]. This approach mirrors strategies adopted by competitors like Coinbase and Binance, which have similarly adapted staking features in response to evolving regulations in multiple jurisdictions [5].

Despite the partial resumption, Revolut’s Hungarian users face lingering restrictions. New crypto deposits, purchases, and account registrations are still unavailable, while existing holdings can only be withdrawn to external wallets. These limitations reflect the company’s prioritization of MiCA compliance, as it seeks a license to “passport” its services across the EU. Revolut, which operates in the UK and has a pan-European footprint, has paused account openings in several EU states, including the Netherlands and Finland, to align with MiCA’s phased implementation starting in late 2024 [6]. A spokesperson acknowledged the need to secure authorizations under the new framework, stating the firm is “working diligently” to ensure compliance with national implementations of MiCA [7].

The resumption of staking highlights broader challenges in regulating crypto services. Staking’s classification varies by jurisdiction, potentially falling under validator services, yield-generating products, or non-custodial utilities. Revolut’s interpretation—framing staking as a non-exchange technical service—has allowed it to navigate Hungary’s rules without triggering licensing requirements. However, this approach underscores regulatory fragmentation within the EU, where member states like Hungary are enforcing stricter rules ahead of MiCA’s full rollout. This inconsistency complicates cross-border compliance for firms operating in multiple jurisdictions, as seen in Revolut’s selective service suspensions [8].

Looking ahead, Revolut’s strategy balances innovation with risk mitigation. The company’s expansion into staking, Layer 2 support, and DeFi integrations signals ambitions to position itself as a comprehensive crypto-fintech platform. Yet its compliance-first approach—pausing services until licensing is secured—reflects the heightened scrutiny of crypto operations in Europe. The success of Revolut’s phased return will depend on MiCA’s implementation timelines and whether regulators adopt a unified stance on services like staking. For now, the Hungarian case illustrates how firms are navigating a transitional landscape marked by legal ambiguity and rapid regulatory shifts.

Source: [1] [Revolut Resumes Crypto Staking in Hungary After Legal Pause Over New Law] [https://coinmarketcap.com/community/articles/6883e366f4dca2206ba472d4/] [2] [Revolut Resumes Crypto Staking in Hungary After Legal Pause Over New Law] [https://coinmarketcap.com/community/articles/6883e366f4dca2206ba472d4/] [3] [Revolut Resumes Crypto Staking in Hungary After Legal Pause Over New Law] [https://coinmarketcap.com/community/articles/6883e366f4dca2206ba472d4/] [4] [Revolut Resumes Crypto Staking in Hungary After Legal Pause Over New Law] [https://coinmarketcap.com/community/articles/6883e366f4dca2206ba472d4/] [5] [Revolut Resumes Crypto Staking in Hungary After Legal Pause Over New Law] [https://coinmarketcap.com/community/articles/6883e366f4dca2206ba472d4/] [6] [Revolut Resumes Crypto Staking in Hungary After Legal Pause Over New Law] [https://coinmarketcap.com/community/articles/6883e366f4dca2206ba472d4/] [7] [Revolut Resumes Crypto Staking in Hungary After Legal Pause Over New Law] [https://coinmarketcap.com/community/articles/6883e366f4dca2206ba472d4/] [8] [Revolut Resumes Crypto Staking in Hungary After Legal Pause Over New Law] [https://coinmarketcap.com/community/articles/6883e366f4dca2206ba472d4/]