Hungary MiCA

Hungary MiCA (Markets in Crypto-Assets) Crypto Requirements 2025

Understanding Hungary’s Compliance Framework under MiCA Regulations

The EU's Markets in Crypto-Assets (MiCA) regulation, effective December 30, 2024, mandates that all crypto-asset service providers (CASPs) in Hungary obtain authorization from the Central Bank of Hungary (Magyar Nemzeti Bank, MNB) to continue operations. Hungary, like other EU member states, has established a 12-month transitional period during which existing CASPs can operate under current regulations while seeking MiCA authorization.

MiCA introduces a unified regulatory framework for CASPs across the European Union, fostering compliance and innovation while ensuring consumer protection and financial stability. Key dates for MiCA implementation in Hungary are as follows:

• June 30, 2024: Provisions for asset-referenced tokens (ARTs) and e-money tokens (EMTs) become applicable.
• December 30, 2024: MiCA's full provisions come into effect, requiring CASPs to obtain authorization from the MNB to continue operations.
• December 30, 2025: Hungary’s 12-month transitional period concludes, after which only authorized entities may legally provide crypto-asset services.

How Scorechain’s AML Compliance Tools Support Crypto-Asset Service Providers (CASPs) in Hungary

Mandatory Licensing

In Hungary, CASPs must comply with MiCA’s EU-wide licensing requirements and register with the MNB for local operations. Scorechain provides a robust compliance framework to help CASPs maintain a clear audit trail and meet both MiCA and MNB regulatory expectations.

Enhanced Due Diligence (CDD)

Hungary’s AML framework, under the Act LIII of 2017 on the Prevention and Combating of Money Laundering and Terrorist Financing, mandates stringent customer due diligence. Scorechain’s tools enable CASPs to:

• Verify wallet screening,
• Assess risk levels, and
• Monitor transactions,

ensuring compliance with both MNB’s requirements and MiCA standards.

Reporting Obligations

CASPs in Hungary report suspicious activities to the Hungarian Financial Intelligence Unit (HFIU), which operates under the National Tax and Customs Administration (NAV). Scorechain simplifies this process with its Suspicious Activity Reporting (SAR) features, ensuring compliance with MiCA and Hungary’s reporting obligations.

Internal Controls

Hungarian CASPs are required to establish robust internal policies in accordance with AML and MiCA regulations. Scorechain supports CASPs in developing tailored compliance programs, combining MiCA requirements with Hungary’s specific AML obligations for effective risk management.

Regulatory Oversight and Transparency

Scorechain provides real-time analytics and reporting dashboards that meet the high transparency standards of the MNB. These tools facilitate regulatory supervision and ensure Hungarian CASPs remain compliant with MiCA while maintaining efficient collaboration with national authorities.

Why Scorechain is Ideal for Hungarian CASPs

By integrating Scorechain’s AML solutions, CASPs operating in Hungary can:

• Seamlessly align with MiCA and the MNB’s regulatory framework.
• Build trust with customers and regulators by ensuring operational transparency.
• Mitigate risks through automated transaction monitoring and robust internal controls.

Scorechain empowers Hungarian CASPs to confidently navigate the evolving regulatory landscape, ensuring compliance with MiCA and fostering trust in Hungary’s growing crypto market.

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