Plasma

Global Stablecoin Regulation

Hungary

Hungary

by
Plasma
Plasma
Last Updated: May 20, 2026
Hungary applies the EU MiCA regime via Act VII of 2024: issuer rules for ART/EMT apply from 30 June 2024 and CASP authorisation from 30 December 2024, with a national transition ending 1 July 2025 after which CASPs must be authorised by the MNB. From 1 July 2025, crypto-to-fiat and crypto-to-crypto exchanges are lawful only if validated by an SZTFH-licensed “crypto-asset conversion validation service provider,” which issues a compliance certificate; exchanges without a certificate are invalid and can trigger criminal liability at values from HUF 5 million. Stablecoins are not legal tender and are treated under MiCA as e-money tokens (EMT) or asset-referenced tokens (ART).

MiCA (EU Reg. 2023/1114)

MNB — CASP authorisation guidance

+ 3
Legal Status

Legal with restrictions

Regularity Clarity
5/5
Regime Status

In-Force

Allowed Types

Fiat Referenced

Asset Referenced

Classification

Crypto Asset

E-Money

In Hungary, stablecoins are treated as crypto-assets under MiCA, implemented nationally by Act VII of 2024. They are not a separate legal category but fall under MiCA’s two types: asset-referenced tokens (ARTs) and e-money tokens (EMTs), with issuer authorisation and conduct rules set in MiCA and overseen in Hungary by the MNB; they are not legal tender and are not MiFID “financial instruments” (if a token qualifies as a financial instrument, MiCA does not apply). Hungary also adds a national validation requirement for exchange transactions (certificate from an SZTFH-licensed validator), which affects transaction legality but does not change the MiCA classification.

MiCA (EU Reg. 2023/1114) — official text (EUR-Lex)

Act VII of 2024 (official, Jogtár)

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Regulatory Authorities

Central Bank of Hungary (MNB)

MiCA competent authority (NCA) for Hungary; authorises and supervises CASPs and oversees ART/EMT issuance under MiCA.

Supervisory Authority for Regulated Activities (SZTFH)

Licences and supervises crypto-asset conversion validation service providers; their compliance certificate is required for exchange transactions under national law.

Top Issuers

SGForge (EURCV, USDCV)

SGForge (EURCV, USDCV)

Monerium (EURe)

Monerium (EURe)

AllUnity (EURAU)

AllUnity (EURAU)

Circle (USDC, EURC)

Circle (USDC, EURC)

Paxos (USDG, USDP, PYUSD)

Paxos (USDG, USDP, PYUSD)

Consumer Protection

Reserve Requirements

ART issuers must keep a legally and operationally segregated reserve equal to outstanding tokens, with liquidity/composition limits set under MiCA; EMT issuers must safeguard customer funds and issue/redeem at par.

Auditing

ART reserves require an independent audit every six months; results are notified to the NCA and then published. Issuers also follow MiCA disclosure/white-paper duties and (for ART/EMT) maintain a regulator-assessed redemption plan.

Redemption Rights

EMT holders have a right to redeem at par at any time; ART holders have a right of redemption at all times (against the issuer, or the reserve if the issuer cannot perform). In Hungary, fiat conversions may also fall under the national validation-certificate rule for crypto-to-funds exchanges, which can affect how redemptions are executed until validators are licensed/operational.

Recent Developments

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