Hungary Announces Crypto Bill For Clear Regulatory Framework

Hungary is the pioneer of crypto regulation (Doc; Photo. Fintech Zone)

JAKARTA - In the midst of the global crypto market increase, Hungary is taking progressive steps by proposing a new bill that allows banks, investment funds, and asset managers to provide digital asset services to customers. This initiative marks a new era in crypto integration with traditional financial systems, showing the country's adaptation to financial innovation.

The bill announced by the Hungarian Ministry of Economics aims to establish a clear regulatory framework for the issuance and use of digital assets in the country. Hungarian Central Bank, Magyar Nemzeti Bank (MNB), will oversee crypto asset regulations, ensuring compliance with banks and financial institutions with established guidelines.

Gradual Receipts And Considerations Of CBDC

Although he has not recognized virtual assets as legal tender, Hungary has shown gradual acceptance of cryptocurrence. The country also considers the issuance of Central Bank Digital Currecies (CBDC) as part of the exploration of financial technology.

Hungary's move is in line with the European Union's efforts to create a regulatory environment that houses crypto assets. The proposed law aims to integrate digital assets into traditional financial systems neutrally against technology, encouraging innovation and compliance in line with EU directives.

As reported by Coin Speaker, with the total market capitalization of crypto assets that recently surpassed $2 trillion (around Rp31,530 trillion), Hungary is at the forefront of crypto regulation, navigating the road to a more inclusive and modern financial ecosystem.