Revolut has withdrawn its crypto services in Hungary due to changes in the regulatory landscape, saying this step is necessary to maintain compliance.
Although Revolut Digital Assets Europe gained licences from the Cyprus Securities and Exchange Commission (CySEC) under MiCA, the solutions are no longer available for Hungarian users after they evacuated their belongings.
The Hungarian compliance landscape
Hungarian users have until December 18th to dispose of their crypto balance. They can either sell their existing assets and exchange them for fiat, or withdraw assets on-chain by transferring them to an external wallet. If they do not take action until the aforementioned date, Revolut will automatically sell the asset balance at the current market price, credit users’ accounts with the proceeds, and close their crypto account.
Due to the service being discontinued, many features are no longer available. Right now, users are not able to buy new crypto, earn assets by completing “Learn & Earn” courses, and deposit crypto into their Revolut account. For those who utilise staking, a separate deadline takes priority. On December 10th, Revolut automatically unstakes any staking balances, making it impossible to stack new devices.
Customers can track the unlocking process in the Revolut app while preparing for all restrictions to be lifted by mid-December. This initiative comes as Hungary tightens crypto laws, adding criminal penalties, including up to eight years in prison, for unlicensed crypto solutions.
The country added abuse of crypto assets and unauthorised provision of crypto asset exchange services to its penal code, creating prison sentences for both businesses and users (up to five years). While Hungary implemented the MiCA framework, its national laws created a complex compliance environment for global players. This made it impossible for Revolut to continue its activity in the country while remaining compliant with local rules.
