On April 12, 2026, Hungary marked the end of Viktor Orbán's 16-year rule as opposition leader Péter Magyar and his pro-EU Tisza Party secured a substantial parliamentary majority. This political shift raises questions about the possibility of reversing one of the EU's most stringent national crypto crackdowns.

The implications of this political change are significant, yet the actual regulatory reversal remains uncertain. This article explores the gap between the political shift and its potential impact on traders, operators, and the broader implementation of the Markets in Crypto-Assets (MiCA) framework across Europe.

Hungary Election Turnout Highest Since Fall of Communist Rule

It's important to note that no legislative rollback has been officially announced, nor has there been a moratorium on enforcement. The Tisza-led government has yet to be formally established, leaving the crypto policy landscape in a state of speculation. Historically, political changes often lead to significant repositioning in regulatory frameworks, particularly in the rapidly evolving crypto sector.

• Political event: Péter Magyar’s Tisza Party won a parliamentary majority, ending Viktor Orbán’s tenure.
• Crypto crackdown at stake: Hungary’s Crypto Act, effective July 1, 2025, criminalized unauthorized exchange services and introduced a SARA-certificate validation requirement.
• MiCA conflict: The European Commission initiated infringement proceedings against Hungary’s validation regime, indicating incompatibility with MiCA.
• Revolut exposure: The fintech company halted crypto services for over 2 million Hungarian clients after the regulatory changes.
• What remains unverified: No confirmed policy reversal or legislative timeline has been provided by the Tisza government.

Understanding Hungary's Crypto Crackdown

Hungary's recent crackdown on cryptocurrency is more nuanced than initial reports suggested. The amendments to the Crypto Act introduced on July 1, 2025, established two new criminal offenses: "crypto abuse" and "unauthorized crypto exchange services," both carrying penalties of up to two years in prison. However, legal analyses indicate that these offenses primarily target large-scale unvalidated exchanges and unlicensed platforms, rather than personal use or operation of nodes.

The validation layer introduced by the amendments is particularly significant. By December 27, 2025, any crypto-to-fiat or crypto-to-crypto exchanges conducted through domestic platforms were required to possess SARA-licensed certificates. This requirement effectively created a state-controlled regulatory gatekeeper, which insiders believe was designed to favor licensed entities over foreign platforms.

The concern regarding capital flight became a reality when Revolut, which serves over 2 million Hungarian customers, completely banned crypto buying, staking, and deposits, with no clear timeline for reinstatement. Should the Tisza government seek to reverse the current policies, it would involve unwinding the SARA validation regime, modifying or nullifying the criminal offense provisions, and addressing the ongoing infringement proceedings with the European Commission.

This process involves three distinct institutional actions: legislative, regulatory, and diplomatic, all of which would need to occur in sequence. While a motivated government could potentially expedite these changes within months, uncertainty remains about the feasibility of such a rollback even under favorable conditions.

The infringement proceedings initiated by the EU represent a crucial lever. The Commission's argument is clear: the MiCA framework establishes a unified regulatory baseline for crypto-asset service providers across member states. Hungary's SARA certificate requirements introduce an additional national layer that conflicts with MiCA's provisions. A new government that signals alignment with EU standards, as Tisza's pro-EU platform suggests, could resolve these proceedings more swiftly through administrative withdrawal rather than comprehensive legislative reform. This approach would eliminate the validation layer before the criminal provisions are addressed.

In summary, the recent political developments in Hungary could potentially reshape the landscape of crypto regulation in the country. However, as of now, the specifics of any policy reversal remain speculative and contingent on the new government's actions.

Source: Cryptonews News