Hungary criminalizes unapproved crypto trades

[toums]

Waiting / looking for other sources but :

https://cms-lawnow.com/en/ealerts/2...cMflCWEfmOZLV-_ABQ_aem_mBqRpi5kHXdWOKrPg1as8w

 

[Martin Everson]

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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.