Revolut Reboots Crypto Services After Legal Freeze
19 hours ago
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Fintech giant Revolut has partially reinstated its cryptocurrency services in Hungary, now allowing users to access depositing, releasing, and staking rewards through its app, reported portfolio.hu.
This comes after a full suspension of crypto features in early July, following restrictive legal changes passed in June by parliament.
The new Hungarian law, effective from July 1, introduced criminal penalties for using or providing crypto services without a national license, even if platforms are licensed elsewhere in the EU. Private individuals can face up to five years in prison, and companies up to eight years, depending on the transaction value.
Photo: Pixabay
In response, Revolut froze all crypto functions, including buying, selling, depositing, staking, and even withdrawals. As of mid-July, withdrawals were re-enabled, and now staking-related features have been restored as well.
Despite the partial recovery, key features like buying, selling, receiving crypto, and new deposits remain suspended. However, users can now transfer previously deposited tokens—from a list of 30+ supported assets—to external wallets.
The company is still pursuing MiCA licensing (Markets in Crypto-Assets Regulation) through its European entity but is awaiting clarity on how Hungary’s stricter local requirements will align with EU regulations.
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Via portfolio.hu; Featured image: Revolut Facebook
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