Revolut Makes Crypto Staking Available in Hungary After Restricting Services
Revolut, the digital banking platform, has reinstated its cryptocurrency staking services for Hungarian customers. This follows a brief suspension enacted on July 7th in response to a new Hungarian law criminalizing trading on unlicensed crypto platforms. The temporary halt affected most of Revolut’s crypto offerings in the country.
After a thorough review of its legal standing, Revolut determined that the revised legislation specifically targets crypto-asset exchanges, not staking services. This legal interpretation allowed the company to resume its staking program, enabling Hungarian users to once again participate in blockchain transaction verification and earn rewards on their staked tokens. The process remains accessible through the Revolut app, with users retaining the ability to withdraw their staked assets at any time.
Despite the resumption of staking, other Revolut crypto services in Hungary remain temporarily unavailable. New cryptocurrency deposits are currently prohibited, although existing deposits can be transferred to external wallets. This limitation reflects Revolut’s ongoing efforts to comply with the evolving regulatory landscape.
The company’s actions are also connected to the Markets in Crypto-Assets (MiCA) regulation, which mandates that firms obtain a license in at least one EU member state to operate across the bloc. Revolut is currently working towards MiCA compliance. As a proactive measure to ensure full adherence, Revolut has temporarily ceased the opening of new accounts in several EU countries, including the Netherlands, Finland, Hungary, Latvia, and Slovenia, as of June 30th. The company does not yet possess a MiCA license.
Revolut’s measured approach highlights the complexities faced by financial technology companies navigating the increasingly stringent regulatory environment surrounding cryptocurrencies. The phased resumption of services in Hungary demonstrates Revolut’s commitment to complying with local laws while simultaneously striving to provide a comprehensive suite of financial products to its customers. The situation underscores the dynamic interplay between technological innovation and evolving legal frameworks within the cryptocurrency market. The ongoing efforts to obtain a MiCA license further emphasize Revolut’s commitment to responsible operation within the broader European Union.
