Hungary vote could reverse Orban-era crypto validation

Péter Magyar’s Tisza Party won Hungary’s parliamentary election on April 12, securing a commanding majority. The incoming government has announced plans to repeal the national crypto “validation” regime and related criminal penalties introduced under Viktor Orban and to align Hungarian rules with the EU’s Markets in Crypto-Assets (MiCA) regulation.

The validation regime required exchanges to obtain special national certification and exposed noncompliant actors to criminal sanctions. The European Commission opened an infringement procedure against Hungary over those measures. Several crypto firms suspended services in Hungary after parts of a 2025 legislative package criminalized certain crypto transactions.

In 2025, companies including Revolut and Bitstamp temporarily halted cryptocurrency services for Hungarian customers. Industry representatives say removing the extra national requirements would simplify compliance for platforms and could allow suspended services to resume.

MiCA sets common requirements across EU member states for issuers, service providers and custodians, covering licensing, prudential rules, transparency and consumer protection. EU officials viewed Hungary’s extra validation layer as exceeding MiCA and creating a separate national requirement.

European Commission President Ursula von der Leyen wrote on social media, “Europe’s heart is beating stronger in Hungary tonight.” Magyar posted on social media that “Prime Minister Viktor Orban has just called to congratulate us on our victory.” Political analyst Ian Bremmer called the vote “a historic win for the Hungarian people.” DeFi analyst Fefe Demeny wrote that the end of the previous administration could “unleash real progress in AI, blockchain, and every emerging industry ahead.”

Crypto markets and prediction markets reacted to the election returns. Traders who had bet against an Orban victory stood to profit as results pointed to a Tisza Party majority.

Any repeal or amendment of the 2025 package will require formal legislation and parliamentary approval. The new government must draft legal changes, secure votes in parliament and coordinate with EU authorities to resolve the infringement procedure. Regulators and exchanges will need clear transition timelines and rules to reinstate halted services while ensuring compliance with MiCA.

The outcome could influence other EU member states that had considered adding national requirements on top of MiCA. European Commission officials will assess whether proposed Hungarian legal changes address the commission’s concerns and allow the infringement case to be closed.