Hungary Seeks To Allow Banks and Investment Firms To Offer Crypto Services
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Hungary Seeks To Allow Banks and Investment Firms To Offer Crypto Services

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1 month ago

Hungary is planning a draft proposal that would allow banks, investment funds, and asset managers to offer services related to digital assets.

Hungary Seeks To Allow Banks and Investment Firms To Offer Crypto Services
Hungary is planning a draft proposal that would allow banks, investment funds, and asset managers to offer services related to Bitcoin and other cryptocurrencies, according to Bloomberg.

The proposed bill would establish a legislative framework for crypto-assets, with the Hungarian central bank serving as the primary supervisor.

This move is part of Hungary's efforts to comply with the European Union's regulatory standards, including the Markets in Crypto Assets Regulation (MiCA) and stricter anti-money laundering and counter-terrorism financing measures.

If passed, the bill is expected to take effect from June 30, 2024.

The Hungarian bill is seen as a response to the EU's ongoing efforts to bring clarity to digital assets regulations in the region.

Hungary's proposed legislation aligns with a broader European movement towards developing a framework for cryptocurrencies that is both technology-neutral and compliant with security and compliance standards, enabling the integration of crypto into the financial system.

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