Hungary abolishes verification requirements for cryptocurrency conversion and cancels up to 8 years of imprisonment punishment

The Hungarian Parliament has passed Act XXXVIII of 2026, which abolishes verification requirements related to cryptocurrency conversion services and removes penalties of up to 5 years in prison for unauthorized trading of high-value cryptocurrencies and up to 8 years in prison for providing cryptocurrency exchange services in violation of verification obligations, in alignment with the EU MiCA framework. The bill was voted on July 31 and implemented on August 7. （Bitcoin.com News）