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Hungary criminalizes unapproved crypto trades
- Thread starter toums
- Start date
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New criminal offence related to crypto-asset conversions
The amendments of the Hungarian Criminal Code also introduce two new statutory criminal offences regarding the exchange of crypto-assets. Pursuant to Section 394/A, any person (legal or natural) who exchanges crypto-assets of significant value (HUF 5 million to HUF 50 million) for fiat currency or other crypto-assets by using an unauthorised crypto-asset exchange service will, unless the act constitutes a more serious criminal offence, be guilty of a misdemeanour punishable by imprisonment of up to two years. For exchanges of between HUF 50 million and HUF 500 million, the punishment is five years imprisonment, and for exchanges of more than HUF 500 million, the punishment can be up to eight years imprisonment.Mirroring the criminal offence set out in Section 394/A, Section 408/A prescribes that any person who conducts crypto-asset conversion service activities of significant value (HUF 5 million to HUF 50 million) in violation of the validation requirements established by the Crypto Act is guilty of a felony punishable by imprisonment of up to three years, which may increase to eight years should the value exceed HUF 500 million.
As the enforcement date of 1 July approaches, crypto-asset experts are hotly debating the purpose, means and long-term consequences of the amendments. In addition to the concerns raised above, the fundamental problem professionals are facing is learning the exact meaning behind the text of the new regulations.
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Hummmm.....so they are saying if you exchange i.e $15k worth of BTC for USDT on an unauthorized exchange you will be given 2 years in prison.
Well I hope they know this wont work or benefit them in any way if this is all correct.
When there is no more cheap Russian oil and gas it's going to be even uglier.
Since summer 2022, Hungary has been billing residential gas consumption at 7 times the base rate if you exceed 1,700 m³ per year, regardless of the size of your flat.
US Shale has kept the prices internationally low, that's coming to an end, even though people believe its a endless supply, its now getting costlier for less production.
This is pretty normal for utility bills everywhere, isn't it? Has Hungary really kept the old eastern block energy pricing till 2022?
I have been paying my last month electric bill in different tiers as well, the first 50 kwh were just 0.076 USD per unit, the next 50 kwh are being charged $ 0.084 per unit, the next 50 kwh get into the next tier and cost $0.095 per unit. I don't have miners running, so I don't know how much the following tier cost, but this practice of different tiers with different prices is very common in my experience.
Water, gas and electricity are usually billed this way. Normal use is getting rewarded and high use is being punished, to keep the total consumption lower.
And its working, the gas consumpion in Hungary has fallen sharply in the last two years. Well, or maybe it is the effect of the 'global warming/cooling/raining/change'.
"In 2022, a new element of the regulation, the concept of average consumption was introduced in Hungary. This means that domestic households can only buy electricity and gas at the universal service tariff up to the average consumption, and pay a higher price for the amount above that."
https://hungarytoday.hu/domestic-gas-consumption-has-fallen-sharply-in-the-last-two-years/
It gets worse for Hungarian residents.
Personally if I was living in Hungary and into crypto I would transfer funds asap into a personal wallet and not keep on an exchange or third-party platform to avoid the assets being frozen. Then wait for your platform of choice to be regulated correctly according to Hungarian law before returning.
Personally if I was living in Hungary and into crypto I would transfer funds asap into a personal wallet and not keep on an exchange or third-party platform to avoid the assets being frozen. Then wait for your platform of choice to be regulated correctly according to Hungarian law before returning.
It gets worse for Hungarian residents.
Personally if I was living in Hungary and into crypto I would transfer funds asap into a personal wallet and not keep on an exchange or third-party platform to avoid the assets being frozen. Then wait for your platform of choice to be regulated correctly according to Hungarian law before returning.
Or register another residence address on CEXs for HU citizens or HU tax residents.
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