#Hungary is officially set to reverse its strict #cryptocurrency trading restrictions following heavy pushback from the European Union, Bloomberg reports.

Government spokeswoman Anita Köböl announced Thursday that the country will completely lift criminal penalties introduced last year. The outgoing 2025 framework imposed potential prison sentences of up to 8 years for trading via unauthorized platforms, forcing major fintech apps like Revolut to suspend crypto services in the country.

The new administration is completely unwinding these rules to revive slumping trading volumes and align Hungary with the EU’s MiCA regulation framework.

Will crypto-friendly regulation attract more investors?