Digital bank Revolut’s crypto staking services are available again for its customers in Hungary after a brief pause, a spokesperson from the company informed RialCenter on Friday.
The company had suspended most of its crypto services for customers in Hungary on July 7 due to a new law that criminalized trading on unlicensed crypto platforms. However, a spokesperson told RialCenter that Revolut felt comfortable resuming staking services, adding that withdrawals had already been restored.
Following further analysis of its legal standing, Revolut is now able to reinstate these staking services, as only crypto-asset exchanges are affected by the updated legislation, according to the spokesperson’s response to an inquiry.
Customers in Hungary can now engage in staking, which allows them to verify blockchain transactions and earn rewards on tokens through the app, with the option to stop staking at any time.
The company’s other crypto services remain paused, the spokesperson noted, indicating that new crypto deposits are currently not accepted, though existing deposits in the app can be transferred to another wallet.
Revolut has also been working to comply with the Markets in Crypto Assets legislation, which requires firms to obtain a license in at least one European Union state to operate across the bloc of 27 countries. As of June 30, customers cannot open new accounts in the Netherlands, Finland, Hungary, Latvia, and Slovenia to align with MiCA regulations. Revolut has not yet secured a MiCA license.
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