UK-based digital banking giant Revolut has resumed limited cryptocurrency operations in Hungary, following a regulatory shutdown earlier this summer.
Key Takeaways:
Revolut has partially resumed crypto services in Hungary, restoring staking and token releases.
Hungary’s new law imposes up to eight years in prison for unlicensed crypto activity.
Core features like buying and selling remain suspended as Revolut awaits regulatory clarity.
According to a recent report from local news outlet Portfolio.hu, the fintech firm now allows users to deposit, release, and earn staking rewards through its app.
The move comes after Hungary’s new crypto law took effect on July 1, imposing criminal penalties on individuals and businesses offering crypto services without a domestic license, even if they’re registered elsewhere in the EU.
Hungary Threatens Up to 8 Years in Prison for Unlicensed Crypto Activity
Under Hungary’s new crypto law, individuals providing or using cryptocurrency services without a local license could face up to five years in prison.
Companies involved in unlicensed crypto transactions may face sentences of up to eight years, depending on the value of the transactions. The law applies even to platforms licensed elsewhere in the EU.
In response, Revolut suspended all crypto services in early July, including buying, selling, staking, deposits, and even withdrawals.
Some functionality returned by mid-July when users regained access to withdrawals. The latest update includes restored staking-related features, offering users limited engagement with over 30 supported tokens.
Despite this progress, core services such as buying, selling, and receiving cryptocurrencies remain offline. New crypto deposits are also still restricted.
Revolut is currently seeking MiCA (Markets in Crypto-Assets Regulation) approval via its European arm but awaits further guidance on how Hungary’s local rules will mesh with broader EU regulation. Until then, full service in the country remains on hold.
Founded in 2015, Revolut has grown into one of the largest fintech firms globally, with 55 million customers and a workforce of roughly 10,000.
In May last year, Revolut introduced its standalone crypto trading platform called Revolut X, catering to UK retail customers.
At the time, the company said it designed the new platform to compete with leading crypto exchanges by providing easy on/off-ramping and low fees.
Although initially targeted at professional traders, Revolut X is accessible on desktop for all UK users with a Revolut retail account.
Revolut Posts $4.1B Revenue, Maintains $45B Valuation
Revolut reported $4.1 billion in revenue last year and was last valued at approximately $45 billion.
Much of this growth occurred despite a lack of full banking licenses in major markets, something CEO Nik Storonsky has acknowledged as a strategic oversight.
While Revolut holds a restricted licence in the UK and a full European banking licence through Lithuania, the company is now pursuing banking permissions in 10 additional countries.
It recently secured a Prepaid Payment Instruments licence in India and plans to launch operations in Mexico soon.
Beyond Europe, Revolut is expanding across southern Europe, the Nordics, the Middle East, and Asia-Pacific, aiming to solidify its position as a global financial platform.
The post Revolut Restores Partial Crypto Services in Hungary After Regulatory Pause appeared first on Cryptonews.
