Hungary is planning to scrap the restrictive cryptoasset conversion rules that drove major platforms out of the country less than a year ago. The announcement marks one of the most significant crypto policy reversals in the European Union this year.

Zoltán Tanács, Hungary’s new Minister of Innovation and Technology, announced on June 6 that the government intends to remove the restrictions on crypto-to-fiat and crypto-to-crypto conversions that were imposed by the previous administration. He characterized the former regulations as “unreasonable” and politically motivated.

Those restrictions, which took effect on July 1, 2025, required all crypto exchanges to obtain a compliance certificate from licensed validators before processing transactions. Any transaction lacking that certificate faced legal invalidation. Non-compliance carried potential criminal liabilities.

Platforms, including Revolut, suspended their crypto services in Hungary entirely rather than navigate the compliance gauntlet. Hungarian users were effectively cut off from mainstream crypto trading access.

A new government, a new direction

The policy reversal is a direct consequence of Hungary’s April 12, 2026, parliamentary elections, which saw the pro-European Union Tisza Party, led by Péter Magyar, sweep into power. That election ended 16 years of governance under the Orbán administration.

Tanács framed the reversal as part of a broader effort to enhance liquidity, support market growth, and improve the competitiveness of Hungary’s crypto landscape. The government wants to realign Hungary’s regulatory framework with standard EU practices, particularly MiCA’s provisions on market integrity.

What actually changes, and when

The core shift eliminates the mandatory compliance certificate requirement. Under the previous rules, only transactions processed through authorized validators were considered legally valid. The first validator had only registered in early 2026, giving a sense of how slowly the previous system was actually functioning.

The announcement currently sits at the planning stage. There is no definitive legislative timeline or enactment date attached to the reversal. Hungarian crypto users hoping to see Revolut and other platforms restore services will need to wait for the government to move from intention to legislation.

What this means for investors

For the Hungarian crypto market specifically, removing the compliance barriers should bring platforms back, which means restored liquidity and access for retail users who have been locked out for nearly a year.

Hungary’s stated goal of aligning with MiCA signals something about the framework’s gravitational pull. MiCA was designed to be the regulatory floor across the EU. When a country that tried to build something stricter ends up retreating to MiCA-level standards, it reinforces the framework’s position as the de facto ceiling as well.

The risk to watch is execution speed. The Tanács government has articulated a clear direction, but there is no legislative calendar attached to the announcement. The gap between a minister’s press conference and a functioning regulatory framework can be measured in months, sometimes years.