Revolut Resumes Partial Crypto Services in Hungary Amid Regulatory Uncertainty

Revolut, the UK-based digital banking firm, has partially reinstated cryptocurrency services in Hungary after temporarily halting operations earlier this summer due to new regulatory restrictions. The fintech company now allows users to deposit, release, and earn staking rewards for cryptocurrencies through its app, according to a report by local news outlet Portfolio.hu [1]. However, core functionalities such as buying, selling, and receiving cryptocurrencies remain suspended as Revolut awaits further clarity on how to align with Hungary’s stringent regulatory framework and broader EU rules.

Hungary’s new crypto law, which took effect on July 1, imposes criminal penalties for unlicensed cryptocurrency activities. Individuals offering or using crypto services without a domestic license could face up to five years in prison, while businesses could receive sentences of up to eight years, depending on the value of transactions. The law applies to platforms operating within Hungary, even if they hold licenses elsewhere in the EU. In response, Revolut suspended all crypto services in early July, including deposits, withdrawals, and staking, before gradually restoring limited features by mid-July. The latest update includes staking-related functions for over 30 supported tokens, providing users with restricted engagement options [1].

The fintech giant has not fully resumed operations in Hungary due to the legal uncertainties. Revolut is seeking approval under the EU’s Markets in Crypto-Assets (MiCA) regulation through its European entity but is waiting for guidance on how to reconcile its services with local rules. This regulatory ambiguity highlights the challenges multinational crypto platforms face in navigating divergent legal environments, particularly in markets with rapidly evolving policies.

Hungary’s approach, while framed as a regulatory crackdown rather than a complete ban, has drawn mixed reactions. Critics argue the law’s punitive measures could stifle innovation and drive crypto activity underground, while proponents view it as a necessary step to protect consumers and ensure compliance. Revolut’s incremental resumption of services underscores the delicate balance companies must strike between compliance and maintaining user access. The company’s strategy of restoring staking features—while withholding transactional services—reflects a cautious alignment with Hungary’s requirements while preserving some user engagement.

For Revolut, the situation in Hungary is part of a broader regulatory landscape. The firm, valued at $45 billion and operating in over 30 countries, has been expanding its global footprint with licenses in the UK, Lithuania, and India, among others. Last year, it launched Revolut X, a standalone crypto trading platform targeting UK users, emphasizing low fees and seamless on/off-ramping. The company’s ability to navigate regulatory hurdles in diverse markets will be critical to sustaining its growth as global crypto regulations continue to evolve.

The partial resumption of services in Hungary signals a temporary compromise rather than a definitive resolution. Until the regulatory framework clarifies how EU-level rules like MiCA interact with national laws, Revolut and similar firms will likely maintain a cautious stance. This episode also highlights the broader tension between innovation and oversight in the crypto industry, where regulatory uncertainty can significantly impact user access and platform strategies.

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/]