Hungary abandons third-party verification requirement for crypto transactions, CoinCash receives first MiCA license in the country
2026-07-29 09:27
Odaily Planet Daily News The Hungarian parliament has voted to repeal the crypto verifier requirement, eliminating the need for third-party approval for certain crypto transactions. This requirement originated from Hungary's 2024 Crypto Asset Law, which stipulated that starting July 1, 2025, licensed verifiers would need to verify asset sources, wallet ownership, and client information before issuing a compliance statement.
Hungarian Finance Minister Kármán András stated that the previous regulation disrupted Hungary’s crypto market, causing some service providers to cease local operations, prompting the government to cancel the verification requirement. Broader licensing and compliance requirements remain in effect.
On July 20, the Hungarian National Bank (MNB) granted an authorization to Tiwala Solutions, the operator of the crypto platform CoinCash, under the EU's Markets in Crypto-Assets Regulation (MiCA). This authorization covers custody, cryptocurrency-to-fiat exchange, cryptocurrency-to-cryptocurrency exchange, transfers, investment advice, and portfolio management. CoinCash plans to gradually resume services.
Hungarian Finance Minister Kármán András stated that the previous regulation disrupted Hungary’s crypto market, causing some service providers to cease local operations, prompting the government to cancel the verification requirement. Broader licensing and compliance requirements remain in effect.
On July 20, the Hungarian National Bank (MNB) granted an authorization to Tiwala Solutions, the operator of the crypto platform CoinCash, under the EU's Markets in Crypto-Assets Regulation (MiCA). This authorization covers custody, cryptocurrency-to-fiat exchange, cryptocurrency-to-cryptocurrency exchange, transfers, investment advice, and portfolio management. CoinCash plans to gradually resume services.
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