Hungary repeals crypto checks as first MiCA license is grantedHungary removed mandatory third-party checks for crypto conversions as CoinCash received authorization to provide digital asset services under MiCA.
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Hungary has repealed its previously introduced mandatory third-party crypto validator requirement, which was part of its 2024 crypto assets law and took effect on July 1, 2025. Under the now-removed rules, certain cryptocurrency conversions had to be verified by a licensed validator who assessed transaction details such as asset origin, wallet ownership, and customer information before issuing a compliance declaration. This extra approval step existed alongside the European Union’s Markets in Crypto-Assets (MiCA) regulation and contributed to a stricter environment that caused some crypto service providers in Hungary to halt operations.
Finance Minister Kármán András explained that the decision to scrap the crypto validator requirement was driven by the prior regulations’ negative impact on the Hungarian crypto market, which led many companies to cease their crypto-related services. However, he noted the market is now showing signs of recovery due to this regulatory easing. Despite lifting this validator obligation, Hungary maintains broader licensing and compliance rules aligned with the EU’s MiCA framework.
The development coincides with the National Bank of Hungary (MNB) granting the first MiCA license under the EU’s framework to a local operator, CoinCash, run by Tiwala Solutions. After a months-long compliance review, CoinCash received authorization on July 20, 2026, enabling it to offer custody services, crypto-to-fiat and crypto-to-crypto exchanges, transfers, investment advice, and portfolio management. The Budapest-based platform had voluntarily suspended operations in December 2025 but now intends to resume services gradually and expand its MiCA-regulated offerings.
This change marks a significant shift in Hungary's crypto regulatory landscape by removing an additional national approval step that had complicated transactions, while still enforcing EU-wide requirements. CoinCash’s MiCA authorization is notable as it is reportedly the first Hungarian company to be licensed directly under this EU regulation, reflecting Hungary’s movement toward harmonization with broader European crypto regulations.