Digital banking giant Revolut has resumed crypto staking services in Hungary after temporarily suspending most of its digital asset offerings earlier this month due to newly enforced legislation. The move marks a partial restoration of services for Hungarian users, though key features such as crypto deposits and new account openings remain paused as the company continues to navigate a shifting regulatory landscape both locally and across the broader European Union.
A Revolut spokesperson confirmed to CoinDesk on Friday that the company is once again offering staking functionality to users in Hungary, stating the firm was “comfortable bringing staking back” after reassessing its legal position under the country’s newly amended laws.
The development comes amid mounting legal and regulatory pressure across Europe, as governments enforce new crypto rules ahead of the EU-wide Markets in Crypto Assets (MiCA) regulation rollout. Hungary in particular has taken an aggressive stance by criminalizing activity on unlicensed crypto platforms, prompting Revolut and other service providers to suspend operations earlier this month.
On July 7, Revolut halted the majority of its crypto offerings in Hungary following the country’s enactment of new legislation that explicitly prohibited individuals from trading digital assets via platforms that are not registered with local authorities.
The law, seen as a direct extension of Hungary’s implementation of the EU’s Fifth Anti-Money Laundering Directive (AMLD5), added criminal penalties for using unlicensed platforms, a move that stunned many international firms offering digital asset services without a direct Hungarian license.
“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 Revolut spokesperson explained.
This distinction - between operating a crypto exchange and offering staking as a financial utility - appears to have provided the regulatory clarity Revolut needed to cautiously reintroduce staking while keeping other services on hold.
What’s Back and What’s Still Paused
Revolut customers in Hungary can now access crypto staking through the app, a service that allows users to earn passive rewards by locking their tokens into supported proof-of-stake (PoS) blockchains such as Ethereum, Cardano, or Solana.
Customers retain the flexibility to stop staking at any time, and rewards are paid out directly within the Revolut interface, offering a seamless user experience that aligns with the platform’s broader goal of financial inclusivity and simplicity.
However, several other crypto-related services remain suspended:
- New crypto deposits are not accepted.
- Users cannot buy new crypto through the app.
- New Revolut accounts cannot be opened in Hungary and several other EU states, including the Netherlands, Finland, Latvia, and Slovenia.
- Existing crypto holdings can still be withdrawn to external wallets, preserving user access to their assets.
These restrictions highlight Revolut’s cautious approach as it seeks full MiCA compliance and attempts to future-proof its services against regulatory disruption.
The MiCA Challenge: Revolut Navigates Cross-Border Compliance
Revolut’s challenges in Hungary are not isolated. The neobank is among dozens of crypto-facing financial technology firms seeking compliance with the European Union’s comprehensive Markets in Crypto Assets (MiCA) regulation, which will become enforceable in phases starting late 2024 through 2025.
Under MiCA, any company offering crypto services across the EU must secure a license in at least one member state, a gateway to “passporting” services across the bloc’s 27 countries. Revolut, which is based in the UK and has operations across Europe, does not yet hold a MiCA license, complicating its ability to maintain consistency across jurisdictions.
To preempt potential non-compliance, Revolut has paused account openings in multiple EU countries, signaling its intent to align operations with MiCA’s legal and technical requirements before reactivating full functionality.
“We’re working diligently to obtain the appropriate authorizations under MiCA and to ensure our services comply with each country’s national implementation of the regulation,” the Revolut spokesperson added.
Why Staking? Legal Loophole or Legitimate Service Category?
The decision to reintroduce staking ahead of other services underscores how regulatory nuance is shaping what crypto services platforms can legally provide. While exchanges, custodial wallets, and broker-like services fall clearly under MiCA’s and Hungary’s definitions of “crypto-asset service providers,” staking remains a legal gray area.
Depending on the jurisdiction, staking may be classified as:
- A validator service under blockchain infrastructure;
- A yield-generating financial product subject to securities laws;
- Or a non-custodial technical utility, exempt from licensing requirements if user control is preserved.
In Revolut’s case, its staking offering likely qualifies as the latter - non-exchange technical facilitation - allowing the company to bring back the service without violating Hungary’s rules on unlicensed exchanges.
This regulatory flexibility is being watched closely by other firms that offer staking across multiple jurisdictions. Platforms like Coinbase, Kraken, and Binance have also adapted or suspended staking features in certain countries as regulators finalize their stances.
The Bigger Picture: Regulatory Fragmentation Still a Risk
While the EU’s MiCA framework is expected to harmonize digital asset regulations across Europe, the current transitional period remains fraught with legal uncertainty, varying interpretations, and enforcement disparities.
Hungary’s move to criminalize certain unlicensed activity, even before MiCA fully comes into force, reflects how some member states are moving faster or more aggressively than others. This creates a fractured compliance environment, making it harder for platforms to offer consistent services across the single market.
Moreover, as staking, NFTs, AI agents, and DeFi applications continue to blur the lines between financial services and digital utilities, regulators may struggle to apply traditional frameworks effectively.
Final thoughts
Despite these challenges, Revolut continues to position itself as a key player in the crypto-fintech convergence. The company’s Crypto Hub, which supports 100+ digital assets, and its recent expansions into staking, Layer 2 support, and DeFi integrations signal a broader ambition to serve as a one-stop crypto financial platform.
However, the firm’s path forward depends heavily on regulatory clarity. Revolut’s decision to pause certain services until licensing is secured - rather than risk non-compliance - reflects a compliance-first strategy, especially as the company seeks broader European expansion and potentially IPO readiness.
Whether staking reactivations in Hungary signal the beginning of a phased return of full services remains to be seen. Much will depend on MiCA licensing timelines, national transpositions of EU rules, and whether regulators begin to adopt a unified approach to nuanced services like staking and DeFi integration.