Hungary to Introduce Stricter Crypto Rules

AI Summary

The National Bank of Hungary plans to implement stricter compliance rules for cryptocurrency service providers starting October 1. These regulations will require businesses to assess clients' risk profiles and explain the necessity for personal data collection.

The National Bank of Hungary (MNB) will require all crypto‑asset service providers to follow new compliance rules from Oct. 1, including mandatory assessments of clients' risk tolerance and explanations of why personal data such as age, financial situation, and DLT knowledge are needed.