Hungary Scraps Mandatory Third-Party Verification for Some Crypto Trades

Hungary has abolished a mandatory third-party verification requirement that had applied to some cryptocurrency transactions.

Cointelegraph reported on July 29 that Hungary’s parliament passed a bill on July 28 removing a separate verification procedure for crypto trades. The change eliminates a rule that required certain cryptocurrency transactions to receive approval from a third-party verification agency.

Finance Minister Kármán András said the government removed the requirement because the previous rules had hurt the crypto market. Many operators had ended crypto services in Hungary because of negative, market-disrupting regulation, he said, adding that the market is now recovering.

Hungary introduced the third-party verification system for cryptocurrency transactions last year. Under the framework, certain trades required users to obtain certification from an authorized institution verifying the source of funds, wallet ownership and customer information.

Hungary’s central bank, the Magyar Nemzeti Bank, or MNB, also recently issued its first Markets in Crypto-Assets, or MiCA, license. The first Hungarian license was granted to local crypto platform CoinCash. CoinCash suspended operations in December 2025, but plans to gradually resume services following the approval.