Hungary Hits Undo on Crypto Red Tape, Hands First MiCA Key to CoinCash 🇭🇺

Hungary's parliament voted to repeal the country's crypto validator requirement, removing mandatory third-party approval for certain crypto transactions, according to the Hungarian tax and legal publication Ado.hu. Finance Minister Kármán András said the government scrapped the validation rule after the prior framework disrupted the domestic crypto market and pushed service providers to exit the country. "Due to the negative and market-shaking regulations so far, many players have terminated their services related to cryptocurrencies in Hungary, but the market is now showing signs of recovery," he wrote in a Tuesday Facebook post.

The validation regime was introduced through Hungary's 2024 crypto assets law and took effect on July 1, 2025. It required a licensed validator to verify the origin of crypto assets, wallet ownership and customer information before issuing a compliance declaration, layering a transaction-level approval step on top of MiCA. Hungary also applied a shortened MiCA transition period for crypto asset service providers (CASPs), requiring compliance by July 1, 2025, compared with the EU's maximum transition deadline of July 1, 2026.

The stricter environment prompted several platforms to suspend Hungarian services, including Budapest-based CoinCash, which voluntarily paused operations in December 2025 while pursuing MiCA authorization. CoinCash is operated by Tiwala Solutions.

The National Bank of Hungary (MNB) granted Tiwala Solutions authorization under the EU's Markets in Crypto-Assets (MiCA) regulation on July 20, according to a company announcement reviewed by Cointelegraph. "We're the first and only Hungarian company authorised directly by the National Bank under the EU framework," a CoinCash co-founder said in a Friday LinkedIn post. The authorization covers custody, crypto-to-fiat and crypto-to-crypto exchange, transfers, investment advice and portfolio management.

CoinCash said it completed a months-long compliance review before receiving approval and paused operations while preparing to meet the requirements. The company plans to gradually resume services and expand beyond trading into additional MiCA-regulated offerings. Broader licensing and compliance requirements remain in place even as the validator mandate has been removed.