Hungary ends transaction-level crypto checks after MiCA license

Hungary’s parliament voted to repeal the country’s mandatory crypto validator requirement, removing an extra approval step for certain crypto conversions. The National Bank of Hungary authorised Tiwala Solutions, the operator of CoinCash, under the EU’s Markets in Crypto-Assets (MiCA) framework on July 20. The repeal does not remove MiCA-based licensing or other compliance obligations.

The validator regime began under Hungary’s 2024 crypto assets law and took effect on July 1, 2025. Under that system, a licensed validator had to verify the origin of crypto assets, confirm wallet ownership and check customer information before issuing a compliance declaration for specified crypto-to-fiat and crypto-to-crypto conversions. The requirement added a transaction-level check that operated alongside the EU MiCA framework. Hungary also set a shortened national MiCA transition deadline of July 1, 2025, compared with the EU’s maximum deadline of July 1, 2026.

Finance Minister Kármán András wrote on Facebook that the validation obligation had disrupted the domestic market and prompted some providers to stop offering services. “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.

The stricter national rules led some platforms to suspend operations. Budapest-based CoinCash paused services in December 2025 while it completed a compliance review to meet MiCA requirements. The National Bank’s authorisation for Tiwala Solutions covers custody, crypto-to-fiat and crypto-to-crypto exchange, transfers, investment advice and portfolio management.

A CoinCash co-founder wrote on LinkedIn that the firm is the first Hungarian company authorised directly by the National Bank under the EU framework. The company said it completed a months-long compliance review before receiving approval and plans to gradually resume services and expand into additional offerings regulated under MiCA.

With the validator requirement removed, firms will no longer need transaction-level declarations from third-party validators. Companies providing crypto services in Hungary must still obtain MiCA licences where required and comply with other Hungarian regulatory obligations. The repeal and the MiCA authorisation may enable providers that suspended operations to return to the market while operating under the EU rulebook.