Hungary's new encryption law comes into effect, with a maximum sentence of 8 years in prison for illegal transactions

Odaily Planet Daily reported that Hungary has officially implemented new cryptocurrency legislation since July 1st, prohibiting any unauthorized digital asset trading activities. Individuals who use unlicensed encryption services can be sentenced to up to 2 years in prison; For a single transaction amount exceeding 50 million forints (approximately 140000 US dollars), the sentence can reach 3 years, and for a transaction amount exceeding 500 million forints, the maximum sentence can be 5 years. If it is an unlicensed service provider, the maximum sentence can reach 8 years. It is reported that fintech platform Revolut has announced the suspension of its cryptocurrency services in Hungary. Local media pointed out that about 500000 Hungarians have invested in cryptocurrency assets through legal income, and the details of regulatory enforcement are currently unclear. （Forbes）