Hungary has officially made unauthorized crypto trading a criminal offense, with prison sentences ranging from two to eight years depending on the value of transactions. The new legislation, which amends the country’s Criminal Code, came into force on July 1 and applies both to individuals trading crypto on unlicensed platforms and to service providers operating without authorization.

Individuals using unregistered crypto exchanges face up to two years in prison for transactions valued between 5 million and 50 million forints ($14,600 to $145,950). That sentence increases to three years if trades exceed 50 million forints and up to five years for amounts over 500 million forints ($1.46 million). Similarly, operators of unauthorized crypto platforms can be imprisoned for three years for offenses up to 50 million forints, five years for trades up to 500 million forints, and eight years if the value exceeds that threshold.

The legal changes have sparked confusion among crypto firms in Hungary. According to local outlet Telex, companies are still waiting for clear compliance guidance from Hungary’s Supervisory Authority for Regulatory Affairs (SZTFH), which has 60 days to outline implementation rules.

Meanwhile, UK-based fintech firm Revolut briefly suspended all crypto services in Hungary earlier this month in response to the legislation. The platform later reinstated crypto withdrawals but has yet to resume full services. Revolut stated that its EU arm is currently seeking a crypto license to comply with evolving regulations across the region.

The legislation marks one of the strictest national crackdowns on unregulated crypto activities in Europe, signaling Hungary’s intent to tightly control digital asset markets.