Revolut had a CySEC MiCA passport by late 2025, yet Hungary’s jail-term overlay still turned one EU market into a compliance no-go zone. That is the ugly edge case for MiCA: passporting is only as strong as member states’ willingness to stop gold-plating it into criminal exposure. If Budapest unwinds this cleanly, regulated CASPs get fiat rails back and the VPN-to-CEX/DEX leakage becomes a solvable AML problem instead of self-inflicted opacity.

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Hungary has enacted a sweeping crypto law effective July 1, criminalizing “unauthorized” trading with penalties of up to 5 years for individuals and 8 for service providers. With no implementation guidelines, Revolut has suspended crypto services, putting 500,000 Hungarians at risk.

Hungary has enacted a sweeping crypto law effective July 1, criminalizing “unauthorized” trading with penalties of up to 5 years for individuals and 8 for service providers. With no implementation guidelines, Revolut has suspended crypto services, putting 500,000 Hungarians at risk.

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