Revolut Resumes Limited Crypto Staking in Hungary Amid New Regulatory Rules

UK-based fintech company Revolut has resumed limited cryptocurrency services in Hungary, reintroducing features such as depositing, releasing tokens, and earning staking rewards, following a regulatory crackdown earlier this summer. The move comes after Hungary’s new crypto law, which took effect on July 1, imposed criminal penalties on unlicensed crypto activity, leading Revolut to suspend all crypto services in the country initially. The firm now allows users to access staking-related features for over 30 tokens but continues to block core services like buying, selling, and receiving cryptocurrencies until regulatory clarity is achieved.

Hungary’s legislation, which applies even to EU-registered platforms, mandates prison sentences of up to five years for individuals and up to eight years for companies engaging in unlicensed crypto operations, based on transaction values. Revolut halted all crypto operations in early July, including withdrawals, before gradually reintroducing some functionalities by mid-July. The latest update enables users to stake tokens but excludes new deposits and trading activities. The company is seeking alignment between Hungary’s local rules and the EU’s broader Markets in Crypto-Assets (MiCA) regulation through its European arm.

The regulatory shift has forced Revolut to balance compliance with user access. While the firm maintains its global expansion strategy, including securing licenses in India and planning entry into Mexico, it remains cautious in Hungary. The fintech giant, valued at $45 billion, reported $4.1 billion in annual revenue in 2024 despite lacking full banking licenses in major markets. CEO Nik Storonsky acknowledged past licensing gaps as a strategic oversight, with the company now pursuing banking permissions in 10 additional countries.

Hungary’s law has drawn mixed reactions. While some analysts argue the strict penalties could deter crypto innovation, others note the legislation aims to protect investors from unregulated platforms. Revolut’s partial restoration of services reflects a pragmatic approach to navigating complex regulatory landscapes while maintaining market presence. The firm’s broader strategy, including its standalone crypto trading platform Revolut X, underscores its commitment to competing with traditional exchanges through low fees and user-friendly features.

Revolut’s experience in Hungary highlights the challenges fintechs face in aligning with fragmented global regulations. The company’s ability to adapt its services under strict rules may set a precedent for other firms operating in similarly regulated markets. However, the ongoing uncertainty around MiCA integration in Hungary suggests a prolonged period of regulatory adjustment for crypto providers in the region.

Source: [1] [Revolut Restores Partial Crypto Services in Hungary After Regulatory Pause](https://cryptonews.com/news/revolut-restores-partial-crypto-services-in-hungary-after-regulatory-pause/)