tag: crypto

The Hungarian crypto-asset market may be on the verge of a significant turning point: last week, the Ministry of Finance submitted for public consultation a proposal to amend the Act on the Market of Crypto-assets, which would abolish the much-debated validation requirement introduced last year, together with the related system of criminal liability. The proposed amendment marks a significant step towards re-aligning the Hungarian crypto regulatory framework with the EU's MiCA regime. By removing the additional Hungarian validation requirement, the government would eliminate one of the main regulatory barriers that previously discouraged investors and foreign crypto-asset service providers from entering the Hungarian market.

The decision of the U.S. Securities and Exchange Commission (SEC) on January 10 has stirred significant attention, as it granted approval for the listing of certain products based on Bitcoin on the stock exchange. The impact of this decision on the European and American securities markets, and whether similar steps will be taken, depends largely on the details – including the names assigned to cryptocurrency-based products.

While more and more people all around the world are being bitten by the bitcoin bug, tax authorities are subjecting transactions executed with the cryptocurrency to ever closer scrutiny. Meanwhile, it is increasingly obvious that the world of bitcoin is starting to give shape to a new form of tax haven.