A key feature is returning to the Revolut app in Hungary!
Revolut is set to relaunch its cryptocurrency services in Hungary soon, after obtaining a MiCA (Markets in Crypto-Assets) licence in Cyprus. The decision is particularly significant for Hungarian users, as the fintech giant was forced to temporarily suspend its local crypto services this summer due to tightened regulations.
Cyprus licence valid across the EU
The Cyprus Securities and Exchange Commission (CySEC) has approved Revolut Digital Assets Europe Ltd. (RDAEL) as a MiCA-licensed provider. This EU-wide authorisation allows Revolut to offer cryptocurrency services in all 30 countries of the European Economic Area (EEA), including Hungary.
The MiCA regulation aims to establish a unified legal framework for digital asset service providers, enhancing transparency and investor confidence. According to Costas Michael, CEO of Revolut Digital Assets Europe, obtaining the Cypriot licence reflects the regulator’s trust in the company’s compliance and security standards.
Crypto 2.0 – new features and tokens
With its MiCA licence in hand, Revolut plans to launch its upgraded platform, Crypto 2.0, offering more than 280 different tokens and free staking options with potential annual returns of up to 22%. In addition, the company will introduce 1:1 stablecoin-to-USD conversions with no exchange rate difference, Pénzcentrum reports.
The aim of this upgrade is to create a modern, transparent and competitive crypto trading environment for European users under a harmonised EU regulatory framework.
Why Revolut had to suspend services in Hungary
Revolut suspended its cryptocurrency services in Hungary in early July after the Hungarian Parliament passed Bill T/11922/13, a legislative package aimed at “improving Hungary’s competitiveness”, which also amended the Criminal Code.
The amendment introduced two new criminal offences: “misuse of crypto assets” and “unauthorised provision of crypto asset exchange services”. This effectively criminalised unlicensed crypto operations, forcing Revolut to pause its services until it could obtain the MiCA licence and operate legally again in Hungary.
Hundreds of millions of forints frozen
A summer survey of 600 Hungarian Revolut users found that hundreds of millions – or even billions – of forints’ worth of crypto assets had been frozen since the suspension. While users did not lose their funds, crypto-related functions were temporarily inaccessible.
Now, with the newly acquired MiCA licence, Revolut can begin restoring access to these assets for Hungarian customers. However, it is not yet known when cryptocurrency trading will actually resume within the app. As of the announcement on 23 October, the functions were still inactive.
Boost for Hungary’s crypto sector
Revolut’s return could breathe new life into Hungary’s cryptocurrency market, which has in recent months been characterised by legal uncertainty and caution among service providers. The stable regulatory environment and unified EU licensing system could now provide a safer and more transparent framework for both users and investors, Portfolio reports.