In summer 2025, Hungary made a sharp turn in its crypto policy. New legislation, fast-tracked through parliament, imposes fines on individuals using foreign or unlicensed crypto exchanges. Users storing or trading crypto outside of approved platforms now face administrative penalties, and in cases of repeated violations — criminal charges.
Regulators claim the goal is to protect citizens from fraud and capital flight. But experts see political motives: to tighten control over digital finance and align with stricter EU regimes. The Hungarian Financial Authority has already published a blacklist of “illegal” platforms, including major players like Binance and OKX.
The crypto community is calling it “digital protectionism” — arguing that such measures hurt private investors and startups, while underground schemes adapt easily. As the forint weakens and inflation rises, thousands of Hungarians are turning to stablecoins — now under threat of penalties.
The paradox? While the EU pushes for transparent, balanced MiCA regulation, Hungary seems to pursue a path where “security” means absolute control.
