Revolut Reintroduces Crypto Staking for Hungarian Users

Revolut, the popular digital bank, has reactivated crypto staking services for its customers in Hungary, following a temporary suspension earlier in July. The initial pause was triggered by a new Hungarian law that criminalized trading on unlicensed crypto platforms.

Adapting to the Regulatory Landscape

According to a Revolut spokesperson, the company conducted a thorough analysis of the legal landscape and determined that the revised legislation primarily targets crypto-asset exchanges. This allowed them to confidently resume staking activities.

"After conducting further analysis in connection with its legal position, Revolut is able to resume these [staking] services as only crypto-asset exchanges are captured by the revised legislation," the spokesperson stated.

Withdrawals had previously been reinstated.

Staking Now Available

Hungarian Revolut users can now participate in staking, earning rewards for validating transactions on blockchain networks. Users retain the flexibility to stop staking at any point.

Other Crypto Services Remain Limited

While staking is back, other crypto services on Revolut in Hungary remain on hold. New crypto deposits are not currently being accepted. However, users can still withdraw existing crypto holdings from the app to external wallets.

MiCA Compliance Efforts

Revolut is also actively working towards compliance with the EU's Markets in Crypto Assets (MiCA) legislation. As part of this process, Revolut had already restricted new account openings in several European countries, including Hungary, to prepare for the new regulatory regime.

Key Takeaways:

• Revolut has resumed crypto staking services in Hungary after a brief regulatory pause.
• Other crypto services, such as new deposits, remain limited.
• The company is working towards full compliance with MiCA regulations.