Hungary scraps crypto verification rule as CoinCash operator wins first local MiCA license

Hungary’s parliament has voted to repeal a crypto-asset verification requirement that had taken effect on July 1, 2025, according to Cointelegraph, in a move that eases a rule covering certain cryptocurrency conversion transactions. Under the now-repealed framework, those transactions could only proceed after a licensed third party verified the source of assets, wallet ownership and customer information. Finance Minister Kármán András said the earlier, stricter regime had already driven several service providers out of the Hungarian market. He also said the market is now showing signs of recovery. At the same time, Hungary’s central bank, Magyar Nemzeti Bank (MNB), on July 20 granted the first local license under the European Union’s Markets in Crypto-Assets (MiCA) framework to Tiwala Solutions, the operator of Budapest-based crypto platform CoinCash. The authorization covers custody, crypto-to-fiat exchange, crypto-to-crypto swaps, transfers, investment advice and portfolio management.