Hungary has scrapped a rule that forced crypto firms to validate every transaction, and in a separate move, CoinCash has become the first company to secure a Markets in Crypto-Assets (MiCA) license in the country. The two developments, announced this week, mark a shift in Budapest's approach to digital asset oversight.
The repealed rule
Until now, Hungarian crypto service providers were required to validate each transaction individually — a process that slowed down operations and added compliance costs. The government quietly repealed that requirement this month, though it didn't announce the change widely. Industry observers say the old rule was out of step with the lighter-touch framework that the European Union's MiCA regulation envisions.
CoinCash's first-mover advantage
CoinCash, a local exchange, now holds Hungary's first MiCA license. That means it can offer crypto services across all 27 EU member states without needing separate approvals in each country. The license was granted by the Hungarian regulator, which has been preparing to act as a home-country supervisor under MiCA since the regulation took full effect last year.
What the rule change means
The repeal of the transaction-validation rule removes a major barrier for other firms looking to enter the Hungarian market or apply for MiCA licenses through Budapest. It also signals that Hungary wants to be a competitive jurisdiction within the EU's single rulebook. For CoinCash, the timing is good — it can now market itself as the only MiCA-licensed player in the country, at least for now.
The Hungarian central bank, which oversees financial regulation, hasn't said whether more applications are in the pipeline. But with the validation rule gone, the path is clearer for other exchanges and custodians to follow CoinCash's lead.
