Hungary plans to decriminalize cryptocurrency trading,
reversing measures introduced under former Prime Minister Viktor Orbán, government spokesperson Anita Kobol told reporters on Thursday.
Last year, the country introduced stricter regulations requiring special permits for cryptocurrency-to-fiat currency conversions, as well as for exchanging cryptocurrencies for each other. Violating these regulations carried prison sentences.
These restrictions forced several digital asset platforms, including Revolut, to cease offering cryptocurrency services in Hungary. After the regulations came into force, digital asset trading volumes in the country dropped significantly.
According to Kobol, the European Union has launched an investigation to verify the compliance of the restrictions with the bloc's regulations.