Hungary repeals crypto checks as first MiCA license is granted

Hungary is rolling back strict crypto rules as CoinCash prepares to resume services after receiving authorization under the European Union’s Markets in Crypto-Assets (MiCA) regulation.The Hungarian parliament voted to repeal the country’s crypto validator requirement, removing mandatory third-party approval for certain crypto transactions, the Hungarian tax and legal publication Ado.hu reported on Tuesday.Finance Minister Kármán András said the government removed the validation requirement after the previous rules disrupted Hungary’s crypto market, prompting some service providers to halt operations in the country. “Due to the negative and market-shaking regulations so far, many players have terminated their services related to cryptocurrencies in Hungary, but the market is now showing signs of recovery,” he wrote in a Tuesday Facebook post.The development marks a significant shift in Hungary’s crypto sector, removing an additional approval step while leaving broader licensing and compliance requirements in place.How Hungary’s crypto checks workedHungary introduced the requirement through its 2024 crypto assets law, creating a separate validation process for certain crypto conversi...