🇭🇺 Hungary vs 🇰🇷 South Korea: crypto licensing compared
Decision context and regulator route
Choosing between Hungary and South Korea for a crypto licence starts with who you will answer to: Magyar Nemzeti Bank (MNB) grants the core CASP licence; SZTFH (Supervisory Authority for Regulated Activities) separately runs a national crypto-asset conversion validation-certificate scheme (effective 27 Dec 2025), required in addition to the MNB CASP licence for crypto-fiat/crypto-crypto exchange - a Hungary-specific dual-track layer. on one side, Financial Services Commission (FSC), Korea's top financial policymaker; Korea Financial Intelligence Unit (KoFIU, also referred to as FIU), an FSC-subordinate unit established 2001 under the FTRA that receives and processes VASP registrations and AML reporting; day-to-day supervision/inspection is delegated to the Financial Supervisory Service (FSS), which set up dedicated Virtual Asset Supervision/Investigation bureaus (announced 29 Nov 2023). FSC retains final sanctioning authority. on the other, via the MiCA CASP authorisation (Regulation (EU) 2023/1114, Art. 62) under Hungary's Act VII of 2024 on Crypto-Assets, transposing MiCA. and the VASP registration (not a discretionary licence) under the Act on Reporting and Using Specified Financial Transaction Information (the 'FTRA'/AML Reporting Act, amended effective 25 Mar 2021), which requires: (1) ISMS certification from KISA (Korea Internet & Security Agency); (2) for KRW fiat on/off-ramp services, a bank-issued real-name verified account; plus fit-and-proper/AML program requirements. Layered on top since 19 July 2024 is the Act on the Protection of Virtual Asset Users (VAUPA), which adds customer-asset segregation, insurance/reserve, and market-abuse rules but does not replace the underlying FTRA registration. respectively. The public fields are shown below, with the full dated and sourced comparison included with access.
Hungary: verified 2026-08-15 · South Korea: verified 2026-08-15
| Dimension |
🇭🇺 Hungary
partly open
Verified 2026-08-15
|
🇰🇷 South Korea
partly open
Verified 2026-08-15
|
|---|---|---|
| Licence type | MiCA CASP authorisation (Regulation (EU) 2023/1114, Art. 62) under Hungary's Act VII of 2024 on Crypto-Assets, transposing MiCA. | VASP registration (not a discretionary licence) under the Act on Reporting and Using Specified Financial Transaction Information (the 'FTRA'/AML Reporting Act, amended effective 25 Mar 2021), which requires: (1) ISMS certification from KISA (Korea Internet & Security Agency); (2) for KRW fiat on/off-ramp services, a bank-issued real-name verified account; plus fit-and-proper/AML program requirements. Layered on top since 19 July 2024 is the Act on the Protection of Virtual Asset Users (VAUPA), which adds customer-asset segregation, insurance/reserve, and market-abuse rules but does not replace the underlying FTRA registration. |
| Regulator | Magyar Nemzeti Bank (MNB) grants the core CASP licence; SZTFH (Supervisory Authority for Regulated Activities) separately runs a national crypto-asset conversion validation-certificate scheme (effective 27 Dec 2025), required in addition to the MNB CASP licence for crypto-fiat/crypto-crypto exchange - a Hungary-specific dual-track layer. | Financial Services Commission (FSC), Korea's top financial policymaker; Korea Financial Intelligence Unit (KoFIU, also referred to as FIU), an FSC-subordinate unit established 2001 under the FTRA that receives and processes VASP registrations and AML reporting; day-to-day supervision/inspection is delegated to the Financial Supervisory Service (FSS), which set up dedicated Virtual Asset Supervision/Investigation bureaus (announced 29 Nov 2023). FSC retains final sanctioning authority. |
| Capital requirement | Hungary capital requirement is included in the £349 pass. | South Korea capital requirement is included in the £349 pass. |
| Timeline to authorisation | Hungary timeline to authorisation is included in the £349 pass. | South Korea timeline to authorisation is included in the £349 pass. |
| Local substance | Hungary local substance is included in the £349 pass. | South Korea local substance is included in the £349 pass. |
| Application cost | Hungary application cost is included in the £349 pass. | South Korea application cost is included in the £349 pass. |
| Ongoing cost | Hungary ongoing cost is included in the £349 pass. | South Korea ongoing cost is included in the £349 pass. |
| Passporting | Hungary passporting is included in the £349 pass. | South Korea passporting is included in the £349 pass. |
| MiCA CASPs approved | Hungary mica casps approved is included in the £349 pass. | South Korea mica casps approved is included in the £349 pass. |
| Key restrictions | Hungary key restrictions is included in the £349 pass. | South Korea key restrictions is included in the £349 pass. |
| Recent changes | Act XXXVIII of 2026 repealed Hungary's separate SZTFH crypto-asset conversion validation scheme. Parliament adopted the repeal on 28 July 2026, it was promulgated in Magyar Kozlony on 30 July and took effect on 7 August 2026. Validator permissions lapsed and pending validator proceedings ended, leaving the ordinary MNB and MiCA framework. Strong press reporting of a first MNB CASP licence remains pending primary confirmation and is not counted here. | The 20 Aug 2026 tightening is now identifiable as Act No. 21358 (amendment to the FTRA/AML Reporting Act), promulgated 19 Feb 2026 and taking effect 20 Aug 2026. It removes the KRW 1,000,000 Travel Rule de minimis threshold and separately expands VASP entry screening: adds a statutory definition of major shareholders, extends fit-and-proper disqualification checks to major shareholders, adds financial condition, social credibility, organisational, staffing and IT review factors, and authorises KoFIU to attach conditions when accepting a VASP report. Existing registered VASPs must re-report under the amended Article 7 within 3 months of the effective date (by approximately 20 Nov 2026). Separately, a Foreign Exchange Transactions Act amendment creating cross-border VASP registration passed 7 May 2026 (effective date disputed, 2 Aug vs 2 Dec 2026). The FSC's implementing-decree package (public comment 30 March to 11 May 2026) adds entry screening for VASP re-reports: a debt-ratio ceiling of 200 per cent excluding customer deposits, a three-year clean default record, fit-and-proper tests for officers and major shareholders, and AML staffing requirements; it removes the KRW 1,000,000 Travel Rule de minimis entirely and treats cross-border transfers of KRW 10,000,000 or more to foreign VASPs or private wallets as automatically suspicious. |
| Difficulty rating | Hungary difficulty rating is included in the £349 pass. | South Korea difficulty rating is included in the £349 pass. |
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What changed recently
🇭🇺 Hungary (verified 2026-08-15): Act XXXVIII of 2026 repealed Hungary's separate SZTFH crypto-asset conversion validation scheme. Parliament adopted the repeal on 28 July 2026, it was promulgated in Magyar Kozlony on 30 July and took effect on 7 August 2026. Validator permissions lapsed and pending validator proceedings ended, leaving the ordinary MNB and MiCA framework. Strong press reporting of a first MNB CASP licence remains pending primary confirmation and is not counted here.
🇰🇷 South Korea (verified 2026-08-01): The 20 Aug 2026 tightening is now identifiable as Act No. 21358 (amendment to the FTRA/AML Reporting Act), promulgated 19 Feb 2026 and taking effect 20 Aug 2026. It removes the KRW 1,000,000 Travel Rule de minimis threshold and separately expands VASP entry screening: adds a statutory definition of major shareholders, extends fit-and-proper disqualification checks to major shareholders, adds financial condition, social credibility, organisational, staffing and IT review factors, and authorises KoFIU to attach conditions when accepting a VASP report. Existing registered VASPs must re-report under the amended Article 7 within 3 months of the effective date (by approximately 20 Nov 2026). Separately, a Foreign Exchange Transactions Act amendment creating cross-border VASP registration passed 7 May 2026 (effective date disputed, 2 Aug vs 2 Dec 2026). The FSC's implementing-decree package (public comment 30 March to 11 May 2026) adds entry screening for VASP re-reports: a debt-ratio ceiling of 200 per cent excluding customer deposits, a three-year clean default record, fit-and-proper tests for officers and major shareholders, and AML staffing requirements; it removes the KRW 1,000,000 Travel Rule de minimis entirely and treats cross-border transfers of KRW 10,000,000 or more to foreign VASPs or private wallets as automatically suspicious.
Quick answers
Who regulates crypto licensing in Hungary and South Korea?
Hungary: Magyar Nemzeti Bank (MNB) grants the core CASP licence; SZTFH (Supervisory Authority for Regulated Activities) separately runs a national crypto-asset conversion validation-certificate scheme (effective 27 Dec 2025), required in addition to the MNB CASP licence for crypto-fiat/crypto-crypto exchange - a Hungary-specific dual-track layer.. South Korea: Financial Services Commission (FSC), Korea's top financial policymaker; Korea Financial Intelligence Unit (KoFIU, also referred to as FIU), an FSC-subordinate unit established 2001 under the FTRA that receives and processes VASP registrations and AML reporting; day-to-day supervision/inspection is delegated to the Financial Supervisory Service (FSS), which set up dedicated Virtual Asset Supervision/Investigation bureaus (announced 29 Nov 2023). FSC retains final sanctioning authority..
What licence do you need in Hungary compared with South Korea?
In Hungary the authorisation route is MiCA CASP authorisation (Regulation (EU) 2023/1114, Art. 62) under Hungary's Act VII of 2024 on Crypto-Assets, transposing MiCA.; in South Korea it is VASP registration (not a discretionary licence) under the Act on Reporting and Using Specified Financial Transaction Information (the 'FTRA'/AML Reporting Act, amended effective 25 Mar 2021), which requires: (1) ISMS certification from KISA (Korea Internet & Security Agency); (2) for KRW fiat on/off-ramp services, a bank-issued real-name verified account; plus fit-and-proper/AML program requirements. Layered on top since 19 July 2024 is the Act on the Protection of Virtual Asset Users (VAUPA), which adds customer-asset segregation, insurance/reserve, and market-abuse rules but does not replace the underlying FTRA registration.. The comparison table on this page lines the two up dimension by dimension.
Where can I see the full Hungary vs South Korea comparison?
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Informational only, not legal advice. Every open figure carries its own verification date; verify with qualified counsel before acting.