Revolut Temporarily Suspends All Cryptoasset Services in Hungary Due to New Government Regulations Banning Cryptoasset Transactions.
Starting from July 7th, users in Hungary cannot trade cryptoassets on Revolut. The company is closely monitoring legal developments while committing to protecting current customers' assets. New account opening will only continue after completing the MiCA license.
- Revolut stops all cryptoasset services in Hungary according to new government regulations.
- Existing users' cryptoassets are guaranteed safe and unaffected.
- Revolut is working to obtain the MiCA license to restore services and open new accounts.
How is Revolut Responding to Freezing Cryptoasset Accounts in Hungary?
Revolut confirms suspending cryptoasset services in Hungary due to changes in European Union regulations, especially regarding MiCA standards. The company is proactively adjusting policies to comply with new financial safety regulations.
According to the official announcement, Revolut has temporarily stopped accepting new cryptoasset users in several countries, including Hungary, to minimize legal risks during the transition to EU MiCA standards.
What is Revolut's Plan to Continue Services?
Current users can still transact normally with active accounts. However, opening new cryptoasset accounts is not permitted until the company obtains a full MiCA license.
"We will restore new user acceptance as soon as we receive the MiCA license. There is no specific date yet, but all efforts are being made to complete it as soon as possible." – Revolut (7/2024)
Revolut, Official Announcement on July 9, 2024
What is Revolut's Progress on Obtaining the MiCA License?
Revolut's cryptoasset branches in the European Economic Area (EEA), including Revolut Digital Assets Europe Ltd registered with the Cyprus Securities Commission, are actively completing the MiCA license application. This is an essential legal requirement to maintain operations in the new international financial environment.
This ensures Revolut complies with the highest safety and transparency standards, in line with strict EU regulations on cryptoassets.
What are the Impacts of Service Suspension on Hungarian Users?
The sudden stop of cryptoasset services has led to a significant increase in support requests from Revolut customers in Hungary. Nevertheless, all existing digital assets remain absolutely protected.
This move helps avoid legal risks and ensures compliance with international law, providing long-term stability for users in the region.
"Maintaining customer asset safety is our top priority when any legal changes occur." – Revolut CEO, July 2024
Statement by Revolut CEO at European Financial Conference, July 2024
Frequently Asked Questions
Are Cryptoassets in Current Revolut Accounts Safe?
All cryptoasset balances in current accounts are safely stored and not affected by the new service suspension decision.
When Will Revolut Reopen Cryptoasset Services for Hungarian Users?
Revolut plans to reopen services after obtaining the MiCA license, though no specific timeframe has been announced.
Why Can't Revolut Continue Services Even If Users Request?
Due to strict legal requirements from new EU cryptoasset laws, the company must comply to ensure safe and legal business operations.
Can Users Still Use Revolut Accounts for Other Services?
Yes, services outside of cryptoassets continue to operate normally and are not impacted by the crypto suspension decision.
How Will Revolut Update Information About the MiCA License?
The company commits to sending official notifications to customers via email and on the app when there are developments regarding the MiCA license.
