Revolut Restarts Crypto Staking in Hungary Following Regulatory Review

Revolut has reinstated its crypto staking services for customers in Hungary following a temporary suspension triggered by new government regulations, Coindesk reported.

The digital bank halted most of its cryptocurrency features in Hungary earlier this month due to a law that criminalizes trading on unlicensed crypto platforms.

Legal Review Allows Staking Services to Return

On July 7, Revolut paused crypto services after Hungary introduced strict legislation penalizing unauthorized crypto trading and exchange activities. Under the law, providers operating without a license face up to eight years in prison, while users risk five-year sentences. This move forced Revolut to suspend various crypto functions for its Hungarian clientele.

After conducting an in-depth legal review, Revolut stated that it is now “comfortable bringing staking back” because the law explicitly targets crypto-asset exchanges, and staking activities are exempt. Customers in Hungary can once again use Revolut’s app to stake tokens, verify blockchain transactions, and earn rewards, with the ability to stop staking anytime.

Despite this partial restoration, other crypto operations remain on hold in Hungary. Revolut is not accepting new crypto deposits, though existing holdings can be transferred from the platform. Withdrawals resumed earlier in July.

The regulatory restrictions in Hungary come amid wider challenges across the European Union. The new Markets in Crypto Assets (MiCA) rules require firms to obtain licenses in at least one EU state before offering services throughout the bloc. Revolut has yet to obtain a MiCA license and has suspended opening new accounts in several EU countries to comply.

Expect ongoing updates as this story evolves.