Hungary is eyeing to establish a comprehensive crypto regulatory framework which would enable local banks to directly offer cryptos. The country’s move to embrace crypto comes at a time when the European Union’s Markets in Crypto Assets regulation, MiCA, is due to take effect in 2024. Early this month, Hungary government released the draft law on crypto markets, developed by the Ministry of National Economy (NGM). Last year, Hungary noted that there is no urgent need for a widely available central bank digital currency (CBDC). However, the EU member is experimenting to see if one could help the unbanked, a senior officer from MNB noted.
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