Revolut Makes Crypto Staking Available in Hungary After Restricting Services

Digital bank Revolut’s crypto staking services are once again available for its customers in Hungary after pausing for a couple of weeks, a spokesperson from the company told CoinDesk on Friday.

The company had paused the majority of its crypto services for customers in Hungary on July 7 due to a new law that criminalized trading on unlicensed crypto platforms, but a spokesperson told CoinDesk on Friday that Revolut was comfortable bringing staking back. It had previously resumed withdrawals, the spokesperson added.

After conducting further analysis in connection with its legal position, Revolut is able to resume these [staking] services as only crypto-asset exchanges are captured by the revised legislation,” a company spokesperson said in response to an emailed request for comment.

Revolut’s Hungary customers are now able to participate in staking, where participants can verify transactions on the blockchain network and earn rewards on tokens via its app, and can stop staking at any time.

The company’s other crypto services are still on pause, its spokesperson said, adding that new crypto deposits are currently not accepted but existing deposits in the app can be sent to another wallet.

Revolut has also been trying to comply with the Markets in Crypto Assets legislation which requires firms to get a license in at least one European Union state to be able to operate across the bloc of 27 nations. As of June 30, customers are unable to open new accounts in the Netherlands, Finland, Hungary, Latvia and Slovenia to comply with MiCA. Revolut does not yet hold a MiCA license.