Hungary repeals mandatory third-party checks for crypto conversions; CoinCash receives the country's first MiCA-compliant license.
Regulation & Gov ·
Hungary's Parliament voted to eliminate a mandatory third-party validation step for crypto transactions, according to Finance Minister Kármán András, who cited the prior rules' disruptive effect on the market and service provider departures. The National Bank of Hungary granted CoinCash operator Tiwala Solutions authorization under MiCA on July 20, making it the first domestic firm to receive direct authorization under the EU framework. CoinCash had halted operations in December 2025 while pursuing compliance.
The repealed validator requirement, introduced through Hungary's 2024 crypto assets law and operational since July 1, 2025, required licensed validators to examine asset origin, wallet ownership, and customer data before issuing a compliance declaration. This added a transaction-level approval layer atop MiCA obligations. Hungary also compressed the standard EU transition window, setting a July 1, 2025 deadline rather than the EU's July 1, 2026 maximum, accelerating pressure on service providers already adapting to broader MiCA compliance.
CoinCash's authorization covers custody, conversion services, transfers, investment advice, and portfolio management. The firm signaled plans to gradually restore operations and expand into additional MiCA-regulated products. Whether other platforms will follow CoinCash's path to reentry or whether the regulatory shift meaningfully reverses the market exodus remains to be seen.