Hungary Abolishes Crypto Verifier System and Issues First MiCA License

Hungary scrpts mandatory crypto verifier rules, citing market disruption. CoinCash becomes first entity to receive direct MiCA license from National Bank, signaling regulatory shift.

Woofun AI reports that Hungary’s parliament has voted to eliminate the mandatory crypto verifier system, ending the requirement for third-party approval of specific transactions. Finance Minister Kármán András stated that previous regulations disrupted the market, leading service providers like CoinCash to suspend operations. The verifier system, introduced under the 2024 Crypto Assets Act, required verification of asset origins and wallet ownership before issuing compliance statements.

It was set to take effect on July 1, 2025, within a MiCA transition period shorter than the EU’s July 1, 2026 deadline. CoinCash voluntarily ceased operations in December 2025 to pursue MiCA approval. On July 20, the Hungarian National Bank granted MiCA licensing to Tiwala Solutions, CoinCash’s operating entity. This marks the first direct MiCA license issued by the central bank, covering custody, exchange, transfers, investment advisory, and portfolio management. CoinCash plans to gradually resume services and expand into other MiCA-regulated activities.