Hungary has introduced laws that could result in up to two years in prison for individuals using unauthorized crypto exchanges, with penalties increasing based on the value traded. The new laws also target unauthorized crypto service providers with penalties of up to three years in prison. Crypto companies in Hungary are confused due to lack of guidance from regulators.

The updated Criminal Code in Hungary imposes penalties of up to two years in prison for unauthorized crypto exchanges involving trades between 5 million to 50 million forints. The penalty can increase to up to three years for trades between 50 million and 500 million forints, and up to five years for trades over 500 million forints.

The second updated law in Hungary introduces penalties of up to three years in prison for those providing unauthorized crypto-asset exchange services involving trades up to 50 million forints. Penalties increase with the value of the offense, reaching up to eight years in prison for trades over 500 million forints. Revolut temporarily suspended crypto services in Hungary due to the new laws, then reinstated withdrawals only. They are working on obtaining a crypto license within the EU.

Read more at Cointelegraph: Hungary Tightens Laws For ‘unauthorized’ Crypto Trading