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Home»TRADING NEWS»Hungary announces draft bill to allow banks to provide cryptocurrency services
TRADING NEWS

Hungary announces draft bill to allow banks to provide cryptocurrency services

By Crypto FlexsMarch 2, 20243 Mins Read
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Hungary announces draft bill to allow banks to provide cryptocurrency services
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Hungary has published a draft law that would allow banks, investment funds and asset managers to offer services in Bitcoin and other cryptocurrencies.

The bill aims to establish a comprehensive regulatory framework for cryptocurrencies and other digital assets and revolutionize the country’s financial sector.

Hungary accepts cryptocurrency

The draft law marks an important development for the country’s financial sector as it aligns Hungary’s regulatory framework with relevant European Union laws on the acceptance of cryptocurrencies and digital assets. The draft bill is still under development. In other words, it has been proposed, but not officially enacted and put into effect. If approved, the bill would be an important step toward enabling traditional financial institutions to integrate and offer cryptocurrency services to their customers. If approved, the bill will take effect on June 30.

Hungary has so far lacked specific laws regarding the use of cryptocurrencies. To date, no cryptocurrency is recognized as legal tender in Hungary.

Details of the proposed legislation

The bill, proposed by Hungary’s Ministry of Economy, aims to establish a regulatory framework for digital assets, with the Central Bank of Hungary overseeing all cryptocurrency operations in the country. This demonstrates Hungary’s commitment and commitment to comply with European Union regulatory standards, including the Markets for Crypto Assets Regulation (MiCA) and stringent anti-money laundering and terrorist financing measures.

The bill is seen as a response to the European Union’s efforts to create consistent regulations for cryptocurrency assets. Additionally, the European Securities and Markets Authority (ESMA) is still consulting on the details of cryptocurrency asset classification and reverse solicitation under MiCA.

EU regulatory push

Hungary’s legislation is part of a joint EU effort to build a technology-neutral regulatory framework that helps integrate cryptocurrencies with the traditional financial ecosystem without compromising security or compliance standards. The bill may also encourage similar legislation across Europe as more countries seek to foster innovation within their respective financial sectors and comply with EU directives.

Tensions between the Hungarian government and central bank

The bill also comes amid heightened tensions between the Hungarian government and the central bank. Central bank governor Gyorgy Matolcsy has accused the government of planning to undermine the bank’s independence through legal amendments, according to a report. Governor Lee also criticized the government’s economic policies, including economic stimulus measures, and said that this legislation directly threatens the autonomy of banks.

a significant change in position

Hungary’s central bank has not previously favored cryptocurrencies, and Governor Matolcsy has said he supports a ban on cryptocurrencies not only in Hungary but across the European Union. At the time, Matolcsy said:

“I completely agree with this proposal and also support the argument of the EU’s senior financial regulator that the EU should ban the mining method used to produce most new Bitcoins. Clearly, cryptocurrencies can handle illegal activities and have a tendency to build financial pyramids. “The massive growth and market value of cryptocurrencies is largely defined by speculative demand for future growth, which creates a bubble,” the Central Bank of Russia said.

Disclaimer: This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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