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FinTechs belonging to this category offer financial services using crypto currencies. This category also includes FinTechs utilising blockchain and distributed ledger technologies (DLT) upon which Bitcoin and Ethereum are based, among others. FinTechs develop and do research in this field in order to create new services – e.g. crypto currency exchange markets, wallet providers, NFTs-related services, new payment services, "smart contracts" or new clearing and settling services.
Introduction
Attitude of the country towards financial services using crypto currencies
The Hungarian National Bank (MNB) as the local regulator of the financial market maintains a hostile stance against services using crypto currencies and has issued several warnings to existing and potential investors regarding the volatility of the related markets.
Legal affairs
Obligations and requirements to provide financial services using crypto currencies described above
Assuming that crypto currencies do not qualify as money or financial instruments (as defined in the relevant statutory provisions), these services fall outside the scope of financial regulations and the supervisory scope of the MNB.
Additional comments regarding the legal situation for financial services using crypto currencies or what FinTech’s must be aware of in this business area
MNB (and the European Union) is constantly investigating the crypto currency market, proposing legislative changes, and issuing warnings regarding risks associated with the use of crypto currency and the related investments.
Economic conditions
Market size for financial services using crypto currencies and biggest companies in this business area
This is unknown information, since almost all players of these markets are foreign, without a license. There is no official information regarding revenues, transactions, and users in this field.
Additional comments regarding the economic situation for financial services using crypto currencies or what FinTech’s must be aware of in this business area
N/A