Hungary considers allowing banks to offer Bitcoin and crypto services
The Hungarian government has introduced draft legislation that would let banks, investment funds, and asset managers offer Bitcoin and other crypto services, according to a report from Bloomberg Law today. With this initiative, Hungary’s authorities seek to align the nation’s regulatory framework with relevant European Union legislation.
Under the proposed regulation, the Hungarian Central Bank, Magyar Nemzeti Bank (MNB), is set to oversee crypto services nationwide. With plans to enact the regulation by June 30, this development marks a key step towards formalizing the crypto market in a nation that, until now, has lacked specific laws governing the use of crypto; no digital currency is currently recognized as legal tender in Hungary.
The MNB is also exploring the potential of a central bank digital currency but does not see an urgent need for a widely available CBDC.
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