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Hungary Scraps Crypto Validator Rule, Issues First MiCA License to CoinCash
Hungary scrapped a crypto validator rule that had pushed providers out of the market. CoinCash became the first Hungarian firm to get a direct MiCA license, covering custody, exchange, and investment services.
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Hungary repealed a mandatory crypto validator requirement that had driven several providers out of the market, and the National Bank of Hungary granted the country's first direct MiCA authorization to CoinCash's operator.
The Hungarian Parliament voted to remove the validator rule, according to tax and legal outlet Ado.hu. The measure had forced certain crypto transactions to undergo third-party approval before a compliance declaration could be issued. Validators were tasked with verifying the origin of crypto assets, wallet ownership, and customer information.
Finance Minister Kármán András said the rule had shaken the market and contributed to service suspensions across the sector. He noted that Hungary is now seeing early signs of recovery after removing the validator step, which was introduced by the 2024 crypto assets law.