After the Hungarian government criminalized cryptocurrency transactions, Revolut temporarily shut down all Hungary’s cryptocurrency services.
Revolut will release official user responses to address new updates regarding MICA licenses.
The British fintech giant revolution temporarily suspends all Hungary cryptocurrency services after the Hungarian government declared crypto transactions illegal. The suspension, announced on July 7th, has halted all crypto trading and related services aimed at domestic users.
Following the freeze on crypto accounts and investments, Hungarian inverted users were unable to carry out cryptocurrency transactions. The sudden movement caused a sudden increase in customer inquiries.
On July 9th, Revolut issued an official update, acknowledging concerns from affected users about suspensions and responses. The company said it is closely monitoring the situation and will provide further guidance as legal and regulatory developments unfold.
Rotation responses with Hungary refrigerated crypto accounts
Revolut said that changes to European Union regulations have temporarily suspended sign-ups for new crypto customers in some countries. The company is aligning its Crypto Assets (MICA) standards with its standards under ongoing EU regulations.
Revolut managed regulatory risks and suspended new sign-ups to meet local requirements during this transition, but existing crypto service providers must meet new licensing and compliance standards.
When will Revolut continue its service?
Existing Revolut accounts are not affected by this change as they allow users to continue using their normal accounts. All money and crypto assets stored in your existing account remain safe and secure, as promised by Revolut. However, for new crypto accounts, Revolut does not mention a specific date. That said –
“We’ll be playing against new Crypto customers as soon as we receive our MICA license. We can’t give you an exact date yet, but we’ll work closely with regulators to complete the process as soon as possible.”
Revolute progress with fewer licenses
We are actively working to obtain MICA licenses to continue our EEA Crypto Asset Provider and Revolut Digital Assets Europe Ltd (RDAEL), and the Cyprus Securities and Exchange Commission (CYSEC), a company registered with Revolut’s EEA Crypto Asset Provider and Revolut Digital Assets Europe Ltd (CYSEC). We guarantee that if we receive a portion of a MICA, we will notify our customers of regular updates and details.
Final thoughts
When Revolut first informed customers about the suspended accounts and new sign-ups they first frozen, it created confusion in Hungary. Industry leaders have predicted unique answers and solutions to the situation. Now, with Revolut’s official response, customers and crypto investors are somewhat at ease.