Exciting news is on the horizon for cryptocurrency enthusiasts in Hungary! The UK-based digital banking powerhouse, Revolut, is slowly resurrecting its crypto operations within the country after a regulatory shutdown that left many users in limbo just a few months ago. Back in July, Hungary implemented stringent crypto regulations that sent shockwaves through the industry, effectively halting services for platforms operating without a local license.
So, what’s changed? Revolut has begun to roll out limited services again, allowing users to deposit, release, and earn staking rewards through their app. This renewed activity marks a cautious but hopeful first step in regaining a foothold in Hungary’s crypto space.
But why is this significant? Well, let’s take a closer look at the backdrop of this development and what it means for the future of cryptocurrency in Hungary.
Recent reports from local news outlet Portfolio.hu reveal that Revolut has reintroduced staking features tied to over 30 supported tokens. However, it’s essential to note that core functions such as buying and selling cryptos are still on pause. This cautious re-entry follows Hungary’s new cryptocurrency legislation, which took effect on July 1, imposing harsh criminal penalties on anyone engaging in crypto activities without proper domestic authorization. Notably, this law applies even to entities licensed in other EU nations.
Under these severe regulations, individuals caught providing unauthorized cryptocurrency services risk up to five years in prison, while companies engaging in similar activities could face up to eight years of incarceration, depending on the scale of the transactions involved. This draconian approach highlights the Hungarian government’s focus on regulating the rapidly evolving digital asset space.
Hungary did not ban crypto — despite the scary headlines 🧵On the 1st July, a pair of new sections slipped into the Hungarian Criminal Code and crypto Twitter instantly filled with “crypto now illegal in Hungary!” and “You can go to jail for 5 years trading crypto.” — Fefe Demeny (@FefeDemeny) July 15, 2025
In the wake of these dramatic law changes, Revolut initially hit the brakes on all its crypto functions, from trading to withdrawals. A brief window of opportunity emerged in mid-July when users could start making withdrawals again. Now, with the restoration of staking features, it appears that Revolut is attempting to gauge the waters in this complex regulatory environment.
Despite these progressive steps, the digital banking giant continues to navigate choppy waters, as essential functionalities like purchasing and receiving cryptocurrencies remain suspended. In the background, Revolut is diligently pursuing MiCA (Markets in Crypto-Assets Regulation) approval through its European branches but is currently seeking clarity on how Hungary’s stringent rules will sync with broader EU regulations. Until this clarity is achieved, services may remain partially available.
Revolut, founded in 2015, has skyrocketed in the fintech landscape, amassing a staggering 55 million customers globally with a workforce of about 10,000. The platform recently made waves with their standalone crypto trading solution, Revolut X, launched for retail customers in the UK. Positioned to rival leading exchanges, Revolut X emphasizes ease of use and competitive low fees, signaling the company’s commitment to becoming a cornerstone of the crypto trading ecosystem.
Revamping the official crypto structure, Revolut boasted impressive numbers last year, reporting $4.1 billion in revenue while maintaining a valuation of about $45 billion. Much of this success occurred amid challenges, including the absence of full banking licenses in key markets, which CEO Nik Storonsky has acknowledged as a notable oversight in the company’s growth strategy.
Currently, Revolut holds a restricted license in the UK and a full banking license via its Lithuanian branch. The firm isn’t slowing down; it’s actively pursuing banking permissions in ten more countries and recently obtained a Prepaid Payment Instruments license in India. Additionally, plans to expand operations into Mexico are on the horizon, as Revolut aims to strengthen its foothold across southern Europe, the Nordics, the Middle East, and the Asia-Pacific region.
As the cryptocurrency landscape continues to present both opportunities and challenges, Revolut’s measured approach in Hungary offers a glimpse into a market navigating complex regulations while vying for a place on the digital frontier. As we look to the future, it will be fascinating to see how Revolut and other firms adapt to these hurdles and what that means for cryptocurrency enthusiasts everywhere.
In conclusion, while Revolut’s return signals a positive shift in Hungary’s crypto narrative, there is still much to be cautious about. The crypto community is encouraged to stay informed and engaged as developments unfold. What do you think about Revolut’s strategy? Will this cautious approach pay off? Join the conversation!