Hungary’s new Minister of Science and Technology, Zoltán Tanács, announced on June 6 that the country will dismantle what he called “politically motivated” restrictions on the crypto market — rules that drove platforms like Revolut out of the country and imposed criminal penalties on unauthorized crypto services.
What’s Changing
The previous government’s framework, which took effect on July 1, 2025, made providing unauthorized crypto services a criminal offense. The fallout was swift: Revolut pulled its crypto offerings from the Hungarian market, and local firms faced a regulatory environment so hostile that operating became legally risky. Tanács says all of that is now on the chopping block.
The announcement also flagged potential changes to cybersecurity auditor regulations under the EU’s NIS2 directive. That shift could affect roughly 4,000 Hungarian companies facing a June 30 compliance deadline — a tight window that’s already causing headaches.
Why It Matters
Hungary’s pivot is a sharp reversal from one of Europe’s harder-line stances on crypto. Criminal penalties for unlicensed crypto services put the country in a tiny minority of EU nations willing to treat regulatory non-compliance as a criminal rather than civil matter. Rolling those back doesn’t just help local businesses — it signals to international platforms that Hungary wants back in the game.
The timing matters too. Hungary is positioning itself as pro-EU digital strategy at a time when MiCA (Markets in Crypto-Assets) regulation is harmonizing rules across the bloc. A country that was an outlier on criminal penalties now has a chance to align with the broader European framework and attract investment it’s been bleeding to friendlier jurisdictions.
The Bigger Picture
This isn’t just about Hungary. It’s a case study in how quickly crypto regulation can swing with a change in government. One administration builds a restrictive framework; the next calls it politically motivated and tears it down. For crypto businesses evaluating European markets, that kind of regulatory whiplash is its own risk factor.
The NIS2 auditor angle is worth watching too. If Hungary eases compliance requirements for thousands of companies simultaneously, it could create a competitive advantage — or a security gap, depending on who you ask.
What’s Next
Watch for formal legislative language in the coming weeks. Announcements are easy; actual deregulation takes time. The June 30 NIS2 deadline adds urgency — if Hungary doesn’t act fast, those 4,000 companies could face penalties before the new rules land. And for platforms like Revolut, the question isn’t whether Hungary is open for business again, but whether the new framework stays stable long enough to justify re-entry.
