Hungary’s crypto market is shrinking again as more platforms pull back under a national rule set that ties many crypto conversions to a newly licensed validation system overseen by the Supervisory Authority for Regulated Activities. This authority is known by its Hungarian acronym SZTFH.
Hungary crypto crackdown collides with validator rollout
Hungary’s rules sit alongside the EU’s Markets in Crypto-Assets framework and a national regime for “crypto-asset conversion validation” under Decree 10/2025 (X.27.) SZTFH, which sets licensing and registry requirements for validator firms.
SZTFH said it “authorized and registered the first” validator in December 2025 and pointed users to an official registry of validators. The late timing left many crypto providers facing compliance uncertainty during the transition.
A late-2025 exit wave hit retail users first
Several consumer-facing platforms curtailed services in late 2025.
Revolut told Hungarian customers it stopped crypto services “to comply with recent changes in Hungarian legislation” and set a deadline: customers could sell crypto assets by Dec. 18, 2025, after which remaining funds would be sold and the crypto account closed.
CoinCash, a major domestic broker and ATM operator, posted that its services were “temporarily suspended” and that from Dec. 18, 2025 its exchange interface and ATM network would be suspended.
Kriptomat said Hungary was implementing “a new national crypto-asset validation regime” and that it would temporarily suspend trading services in Hungary as the regime became applicable on Dec. 27, 2025.
eToro also suspended key activity for local users. Hungarian business outlets reported that eToro would end crypto buying and selling in Hungary from Dec. 26, 2025, citing regulatory changes.
Broader Context
While some progress has been made (e.g., the first validator registered in December 2025, and platforms like OKX securing local approvals), the environment remains tough for many operators. Larger exchanges with full MiCA licenses may eventually return or expand once the validator system stabilizes.
Hungarian crypto users are advised to:
- Use only compliant, licensed platforms.
- Withdraw assets where possible.
- Monitor official SZTFH updates.
This is indeed a tough period for the local scene, but it’s part of a broader push for regulated, secure crypto services aligned with EU standards.
