🇭🇺 Hungary vs 🇬🇧 United Kingdom: crypto licensing compared
Decision context and regulator route
On paper, Hungary's MiCA CASP authorisation (Regulation (EU) 2023/1114, Art. 62) under Hungary's Act VII of 2024 on Crypto-Assets, transposing MiCA. and United Kingdom's Today: FCA registration under the Money Laundering Regs 2017 (AML/CTF only). Incoming: full FSMA authorisation for cryptoassets (SI 2026/102, made 4 Feb 2026, laid 5 Feb) - gateway opens 30 Sep 2026, mandatory regime commences 25 Oct 2027; no automatic conversion from MLR registration. answer the same question; in practice the detail decides it. The two regimes differ on 8 of 9 tracked decision dimensions, including capital requirement and timeline to authorisation. This page compares the two side by side: the identity columns are free, the decision figures are one pass away, and every cell shows when it was last checked.
Hungary: verified 2026-07-15 · United Kingdom: verified 2026-08-01
| Dimension |
🇭🇺 Hungary
partly open
Verified 2026-07-15
|
🇬🇧 United Kingdom
Free in full
Verified 2026-08-01
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|---|---|---|
| Licence type | MiCA CASP authorisation (Regulation (EU) 2023/1114, Art. 62) under Hungary's Act VII of 2024 on Crypto-Assets, transposing MiCA. | Today: FCA registration under the Money Laundering Regs 2017 (AML/CTF only). Incoming: full FSMA authorisation for cryptoassets (SI 2026/102, made 4 Feb 2026, laid 5 Feb) - gateway opens 30 Sep 2026, mandatory regime commences 25 Oct 2027; no automatic conversion from MLR 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 Conduct Authority (FCA); HM Treasury sets the legislative perimeter; Bank of England for systemic stablecoin issuers. |
| Capital requirement | Hungary capital requirement is included in the £349 pass. | No minimum initial capital under the current MLR registration. The incoming FSMA regime's final prudential rules (PS26/12, 30 Jun 2026) set Permanent Minimum Requirements by activity: GBP 75,000 (arranging/dealing as agent), 150,000 (custody, trading platform, staking), 350,000 (stablecoin issuance), 750,000 (dealing as principal). |
| Timeline to authorisation | Hungary timeline to authorisation is included in the £349 pass. | MLR registration: 3-month statutory clock from a COMPLETE application, but realistically ~9-12 months including pre-application; historically low approval rate. |
| Local substance | Hungary local substance is included in the £349 pass. | Business must be carried on in the UK (UK entity in practice); an MLRO / nominated officer (Reg 21(3)) who is UK-based, genuinely competent, independent and closely involved. |
| Application cost | Hungary application cost is included in the £349 pass. | FCA application fee GBP 11,260 (Category 6, fee-block G23, non-refundable) plus typically GBP 50k-150k in professional fees; ~GBP 90k all-in representative (~EUR 105k at 1.16). |
| Ongoing cost | Hungary ongoing cost is included in the £349 pass. | Annual FCA periodic fee under fee-block G.30 (renumbered from G.23): minimum GBP 2,229 for 2025/26 plus GBP 15.13 per GBP 1,000 of cryptoasset income above GBP 100,000. Plus AML operations, annual audit and compliance headcount; costs rise materially under the incoming FSMA regime. |
| Passporting | Hungary passporting is included in the £349 pass. | No - post-Brexit the UK regime is standalone; no EU/EEA passport and no MiCA equivalence in either direction. |
| MiCA CASPs approved | Hungary mica casps approved is included in the £349 pass. | Not applicable: non-MiCA jurisdiction, no CASP regime. See this jurisdiction's own licence route. |
| Key restrictions | Hungary key restrictions is included in the £349 pass. | Cryptoasset financial promotions regime (since 8 Oct 2023): mandatory risk warnings, 24-hour cooling-off for first-timers, ban on incentives; plus significant bank de-risking / de-banking of crypto firms. |
| Recent changes | The European Commission's MiCA infringement case against Hungary remains open. The transitional period for former VASPs ended 1 July 2025, and the SZTFH validation-certificate requirement has applied since 27 December 2025. Following the change of government after the 2026 election, Deputy Prime Minister Balint Ruff tabled Bill T/305 on 30 June 2026 to repeal the SZTFH conversion-validation regime, its criminal penalties and the associated data-retention duties, to align Hungary with MiCA. Parliament held its general debate on the bill on 7 July 2026, and by 14 July 2026 the bill had moved into the detailed-debate stage, with committee scrutiny still to come before any vote. Until the bill passes and is published, the validation requirement remains fully in force. | SI 2026/102 made 4 Feb 2026 (laid 5 Feb); FCA final rules published 30 Jun 2026 (PS26/10 stablecoins, PS26/11 regulated activities, PS26/12 prudential); authorisation gateway 30 Sep 2026 to 28 Feb 2027; mandatory FSMA regime from 25 Oct 2027. The FCA published its 2026/27 fees policy statement PS26/14 on 2 Jul 2026; cryptoasset periodic fee-block detail is still expected in a September 2026 Handbook Notice, with nothing published early as of 15 Jul 2026. On 8 July 2026 the FCA published detailed information about the authorisation application form for cryptoasset firms, a full walkthrough of every question the online form will ask; the FCA notes the form's wording may still be refined but its structure is not expected to change, and the online system itself opens for firms to start applications on 30 September 2026 when the gateway opens. Firms have also been able to request a pre-application meeting with the FCA through its PASS service since 11 May 2026, with meetings running from July 2026. |
| Difficulty rating | Hungary difficulty rating is included in the £349 pass. | 4 - rigorous AML bar, historically low approval rate and severe bank-access friction; the incoming FSMA prudential/conduct regime raises the bar further. |
The two regimes differ on 8 of 9 tracked decision dimensions, including capital requirement and timeline to authorisation. Unlock the pass to see each figure with its source and verification date.
What changed recently
🇭🇺 Hungary (verified 2026-07-15): The European Commission's MiCA infringement case against Hungary remains open. The transitional period for former VASPs ended 1 July 2025, and the SZTFH validation-certificate requirement has applied since 27 December 2025. Following the change of government after the 2026 election, Deputy Prime Minister Balint Ruff tabled Bill T/305 on 30 June 2026 to repeal the SZTFH conversion-validation regime, its criminal penalties and the associated data-retention duties, to align Hungary with MiCA. Parliament held its general debate on the bill on 7 July 2026, and by 14 July 2026 the bill had moved into the detailed-debate stage, with committee scrutiny still to come before any vote. Until the bill passes and is published, the validation requirement remains fully in force.
🇬🇧 United Kingdom (verified 2026-08-01): SI 2026/102 made 4 Feb 2026 (laid 5 Feb); FCA final rules published 30 Jun 2026 (PS26/10 stablecoins, PS26/11 regulated activities, PS26/12 prudential); authorisation gateway 30 Sep 2026 to 28 Feb 2027; mandatory FSMA regime from 25 Oct 2027. The FCA published its 2026/27 fees policy statement PS26/14 on 2 Jul 2026; cryptoasset periodic fee-block detail is still expected in a September 2026 Handbook Notice, with nothing published early as of 15 Jul 2026. On 8 July 2026 the FCA published detailed information about the authorisation application form for cryptoasset firms, a full walkthrough of every question the online form will ask; the FCA notes the form's wording may still be refined but its structure is not expected to change, and the online system itself opens for firms to start applications on 30 September 2026 when the gateway opens. Firms have also been able to request a pre-application meeting with the FCA through its PASS service since 11 May 2026, with meetings running from July 2026.
Quick answers
Who regulates crypto licensing in Hungary and United Kingdom?
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.. United Kingdom: Financial Conduct Authority (FCA); HM Treasury sets the legislative perimeter; Bank of England for systemic stablecoin issuers..
What licence do you need in Hungary compared with United Kingdom?
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 United Kingdom it is Today: FCA registration under the Money Laundering Regs 2017 (AML/CTF only). Incoming: full FSMA authorisation for cryptoassets (SI 2026/102, made 4 Feb 2026, laid 5 Feb) - gateway opens 30 Sep 2026, mandatory regime commences 25 Oct 2027; no automatic conversion from MLR registration.. The comparison table on this page lines the two up dimension by dimension.
Where can I see the full Hungary vs United Kingdom comparison?
The interactive benchmark lets you pin either jurisdiction and add up to five peers; a Founder Pass or Pro subscription unlocks every gated figure with its source and verification date. This page stays free at /crypto/compare/hungary-vs-united-kingdom.
Informational only, not legal advice. Every open figure carries its own verification date; verify with qualified counsel before acting.