According to CoinMeta, the Hungarian Parliament passed a bill that abolished the mandatory verification system for cryptocurrency conversion services and repealed two related criminal charges, which carried penalties of up to eight years in prison. The new legislation was approved on July 31, 2026, and came into effect on August 7, eliminating the national verification requirements for cryptocurrency conversions. Previously, unauthorized cryptocurrency transactions could be considered illegal, and service providers involved faced criminal liability. The passage of this bill marks a significant adjustment in the Hungarian government's regulatory policy towards the crypto industry, aimed at removing regulatory uncertainties surrounding cryptocurrency transactions.