Hungarian Parliament votes to abolish crypto asset verification requirements previously set to take effect on July 1, 2025

TechFlow news, July 29, according to Cointelegraph, the Hungarian Parliament voted to abolish the crypto asset verification requirements previously effective from July 1, 2025. The requirement mandated that specific cryptocurrency conversions must be verified by a licensed third party for asset source, wallet ownership, and customer information before execution. Finance Minister Kármán András stated that the previously strict regulations had caused multiple service providers to exit the Hungarian market, and the market is currently showing signs of recovery.

Meanwhile, the Hungarian National Bank (MNB) officially granted Budapest crypto platform CoinCash operator Tiwala Solutions the first local license under the EU MiCA framework on July 20. The authorization covers custody, cryptocurrency-to-fiat currency and cryptocurrency-to-cryptocurrency exchange, transfers, investment advice, and portfolio management services.