{"id":14830,"date":"2024-03-01T18:51:09","date_gmt":"2024-03-01T18:51:09","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=14830"},"modified":"2024-03-01T18:51:10","modified_gmt":"2024-03-01T18:51:10","slug":"hungary-issues-draft-law-allowing-banks-to-offer-crypto-services","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=14830","title":{"rendered":"Hungary issues draft law allowing banks to offer crypto services"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Hungary is advancing a legislative proposal that would enable banks, investment funds, and asset managers to offer services in Bitcoin and other cryptocurrencies, according to a March 1 report by Bloomberg Law.<\/p>\n<p>The initiative marks a significant development in Hungary\u2019s financial sector, aligning with a broader European movement towards the adoption of digital assets.<\/p>\n<p>Should the Hungarian bill be enacted, it would represent a notable step forward in allowing traditional financial institutions to incorporate crypto services. The laws are scheduled to come into force on June 30 if they are approved.<\/p>\n<h2>Draft legislation<\/h2>\n<p>The draft legislation, proposed by the Hungarian Ministry of Economy, aims to create a regulatory framework for digital assets, with the Hungarian central bank serving as the primary supervisor.<\/p>\n<p>The move is indicative of Hungary\u2019s efforts to comply with the EU\u2019s regulatory standards, including the Markets in Crypto Assets Regulation (MiCA) and stricter anti-money laundering and counter-terrorism financing measures.<\/p>\n<p>According to Norton Rose Fulbright\u2019s 2024 FinTech Outlook, such regulatory developments are part of a wider trend toward recognizing the importance of digital currencies in the financial industry.<\/p>\n<p>The Hungarian bill is seen as a response to the EU\u2019s efforts to harmonize regulations for crypto-assets, as the European Securities and Markets Authority (ESMA) continues to consult on the classification of crypto-assets and the details of reverse solicitation under MiCA.<\/p>\n<h2>EU pushing for regulation<\/h2>\n<p>Hungary\u2019s legislation reflects a collective European interest in establishing a regulatory framework that is technology-neutral and can integrate crypto into the financial system without compromising security or compliance standards.<\/p>\n<p>This could encourage similar legislative efforts throughout Europe, as countries aim to align with EU directives and foster innovation within their financial sectors.<\/p>\n<p>The potential integration of cryptocurrencies into mainstream financial services suggests a shift in investment patterns, efficiency in transactions, and broader financial inclusion. Such a change could have far-reaching implications for Hungary\u2019s economy and possibly influence the European financial landscape.<\/p>\n<p>The inclusion of cryptocurrencies in the offerings of banks and other financial institutions marks a critical transition toward the future of finance.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/hungary-issues-draft-law-allowing-banks-to-offer-crypto-services\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hungary is advancing a legislative proposal that would enable banks, investment funds, and asset managers to offer services in Bitcoin and other cryptocurrencies, according to a March 1 report by Bloomberg Law. The initiative marks a significant development in Hungary\u2019s financial sector, aligning with a broader European movement towards the adoption of digital assets. Should [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14831,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-14830","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14830","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14830"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14830\/revisions"}],"predecessor-version":[{"id":14832,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14830\/revisions\/14832"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/14831"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}