The Hungarian government will lift criminal penalties for cryptocurrency transactions and rescind regulations tightened during the tenure of its former prime minister.

CoinFeed reported on June 11 that, according to Bloomberg, the Hungarian government will remove criminal penalties for cryptocurrency transactions and rescind regulations tightened during the tenure of former Prime Minister Viktor Orbán. Last year, Hungary tightened rules on cryptocurrency exchanges, requiring crypto-to-fiat and crypto-to-crypto transactions to undergo an approved verification process; otherwise, violations could result in imprisonment.