8.5 C
London
Monday, December 2, 2024
HomeNewsEuropaHungarian Parliament Approves Crypto Market Regulation Law

Hungarian Parliament Approves Crypto Market Regulation Law

Date:

Related stories

Gazprom Maintains Stable Gas Deliveries to Europe, Sending 42.3 Million m³ on Monday

Brussels, October 14 (FinanceFlashNews.com) – Gazprom, Russia’s gas producer,...

Markets Anticipate Faster ECB Rate Cuts as Eurozone Inflation Falls

Frankfurt, October 14 (FinanceFlashNews.com) – Financial markets are predicting...

Tax Hike in France Will Hurt Investments, Warns Stellantis CEO

Paris, October 14 (FinanceFlashNews.com) – The French government's plan...

Finland’s Inflation Drops to Lowest Level in Nearly Four Years

Helsinki, October 14 (FinanceFlashNews.com) – Year-on-year inflation in Finland...

Moody’s Downgrades Belgium’s Credit Outlook to Negative

Brussels, October 13 (FinanceFlashNews.com) – Moody's Ratings downgraded Belgium’s...

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.

Financeflashnewshttps://financeflashnews.com
This article was written by the editorial team of Financeflashnews. We strive to provide you with accurate and up-to-date information from the world of finance and investment. If you find any errors in the article, please let us know at corrections@financeflashnews.com. Your feedback is valuable to us and will help us improve the quality of our content.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories