Budapest, April 10, 2024 (Peniaze24) – The Hungarian Parliament has passed a law on regulating the crypto asset market, making it one of the first countries in the EU to do so. The law was adopted with 146 votes in favor, 5 against, and 30 abstentions.
New crypto regulation:
The new legislation, also known as MiCA, defines crypto assets and sets rules for their trading and the provision of crypto-related services. The law also determines which institution will be responsible for overseeing the crypto market, in this case, the Hungarian National Bank.
The law will help protect investors:
The law on the regulation of cryptocurrencies is an important step forward for Hungary, as it brings clarity and certainty to this area. Regulation will help protect investors from fraud and market manipulation, while also promoting responsible development of the crypto market.
Key points of the law on the regulation of cryptocurrencies:
- Definition: The law defines different types of cryptocurrencies and sets rules for their trading.
- Supervision: The Hungarian National Bank will supervise the entire crypto market.
- Protection: The law protects investors from fraud and market manipulation.
- Transparency: Crypto service providers must disclose more information.
- Licensing: A license is required to provide crypto services.
The approval of the law on the regulation of cryptocurrencies in Hungary is a significant step forward for this country and for the entire EU region. Regulation brings clarity and certainty to this area, protecting investors and promoting responsible development of the crypto market.
It is expected that the regulation will lead to the growth and stability of the crypto market in Hungary and attract more investors and institutions to this area. At the same time, Hungary will serve as an example for other EU countries that are preparing to regulate the crypto market.
