CoinTelegraph
Hungary has repealed its mandatory third-party verification requirement for crypto-to-fiat conversions, the same week CoinCash became the first domestic operator to win a Markets in Crypto-Assets (MiCA) license in the country. The dual move strips out an intermediary veto that had slowed retail crypto trades at the local exchange level.
Why it matters
Under the old rule, Hungarian crypto conversions routed through licensed venues had to clear a separate third-party check before settlement. Operators and retail users both flagged the step as friction that pushed volume to offshore venues. Pulling the requirement in parallel with the first MiCA authorization signals Budapest is choosing permissive implementation inside the EU's new crypto framework, rather than layering on national restrictions.
Market impact
MiCA, the EU's harmonized crypto regime, took full effect across the bloc but leaves member states room to tighten or loosen the rules at the national margin. Hungary's combination, lighter onboarding rules plus the first domestic license, gives CoinCash a regulated on-ramp without the extra verification gate. Watch whether other EU capitals follow the same lighter-touch pattern, or whether Hungary becomes a one-off.
CoinCash has not disclosed transaction volumes tied to the license. The license category covers crypto-asset service provider (CASP) authorization under MiCA.
Frequently asked questions
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What did Hungary change about crypto conversions?
Hungary repealed its mandatory third-party verification requirement for crypto-to-fiat conversions at licensed venues, removing an intermediary veto that had to clear before settlement.
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Which company received Hungary's first MiCA license?
CoinCash became the first domestic operator in Hungary to receive a Markets in Crypto-Assets (MiCA) license, in the category of crypto-asset service provider (CASP) authorization.
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What is MiCA and does it apply in Hungary?
MiCA is the EU's harmonized crypto regulation that took full effect across the bloc. It sets the baseline but lets member states tighten or loosen rules at the national margin.
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Why did Hungary drop the third-party check requirement?
Operators and retail users had flagged the third-party step as friction that pushed trading volume to offshore venues. Repealing it removes that friction inside the new MiCA framework.
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Will other EU countries follow Hungary's approach?
It is unclear. Hungary has chosen permissive implementation, but each member state sets its own national overlay on MiCA. Other capitals could match this read or keep tighter national rules.
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