Revolut Resumes Crypto Staking in Hungary After Legal Pause Over New Law

Revolut has resumed crypto staking services in Hungary after temporarily halting most of its digital asset offerings in early July due to newly enacted legislation. The company’s decision to reinstate staking follows a reassessment of its legal position under the revised rules, which criminalize the use of unlicensed crypto platforms. While staking is now available for Hungarian users, key services such as crypto deposits, new account openings, and direct crypto purchases remain suspended. The partial resumption highlights the nuanced regulatory distinctions between staking and exchange operations, as well as Revolut’s cautious approach to aligning with evolving European Union (EU) regulations. A company spokesperson stated that the decision was based on the revised legislation’s focus on crypto exchanges, leaving staking as a non-exchange activity [1].

The Hungarian government’s move to enforce stricter crypto rules aligns with its implementation of the EU’s Fifth Anti-Money Laundering Directive (AMLD5), which imposes criminal penalties for unlicensed platform activity. Revolut and other firms had previously suspended operations in Hungary following the law’s enactment on July 7. The revised legislation has created a compliance challenge for international service providers lacking direct Hungarian licenses, prompting broader industry scrutiny. Revolut’s staking service, which allows users to earn rewards by locking tokens on proof-of-stake blockchains like Ethereum and Cardano, is now accessible within the Revolut app. Users can halt staking at any time, with rewards distributed directly through the platform [1].

Revolut’s decision to limit service restoration to staking underscores the regulatory gray area surrounding different crypto offerings. While exchanges and custodial services fall squarely under the MiCA framework’s licensing requirements, staking’s classification varies by jurisdiction. In Revolut’s case, the company appears to treat staking as a non-custodial technical utility, exempt from Hungary’s stricter licensing mandates. This approach aligns with similar strategies adopted by platforms like Coinbase and Binance, which have adjusted staking availability in response to regulatory shifts [1].

The broader context of Revolut’s actions lies in the EU’s Markets in Crypto Assets (MiCA) regulation, set to take effect in 2024–2025. MiCA requires crypto firms to obtain licenses in at least one EU member state to operate across the bloc. Revolut, based in the UK and active in multiple European markets, has paused account openings in Hungary, the Netherlands, Finland, Latvia, and Slovenia to ensure compliance. A spokesperson emphasized the company’s commitment to securing MiCA authorizations and adapting to national regulatory nuances [1].

Hungary’s aggressive enforcement of unlicensed platform restrictions reflects a fragmented regulatory landscape across the EU. While MiCA aims to harmonize digital asset rules, transitional challenges persist, including varying national interpretations and enforcement priorities. This fragmentation complicates cross-border service consistency for firms like Revolut, which must navigate overlapping and sometimes conflicting legal frameworks. The Hungarian case also highlights the risks of preemptive regulation, where some member states impose strict measures ahead of MiCA’s formal implementation [1].

Revolut’s strategic resumption of staking demonstrates its focus on maintaining core functionalities while navigating compliance hurdles. The company’s broader ambitions in crypto-fintech, including its support for 100+ digital assets and DeFi integrations, remain contingent on regulatory clarity. By prioritizing staking—a service currently less burdened by licensing requirements—Revolut appears to balance user accessibility with legal prudence. However, the firm’s long-term success in the EU will depend on securing MiCA compliance and addressing jurisdictional discrepancies, particularly as regulators grapple with defining the boundaries of staking, NFTs, and decentralized finance (DeFi) [1].

Sources:

[1] [Revolut Resumes Crypto Staking in Hungary After Legal Pause Over New Law] (https://coinmarketcap.com/community/articles/6883e366f4dca2206ba472d4/)