Business News from Hungary by Peterka & Partners
Self-assessment and registration under the Cybersecurity Act
Persuant to the Directive (EU) 2022/2555 on measures for a high common level of cybersecurity across the EU ("NIS2 Directive") implemented by the Cybersecurity Act, all entities shall conduct a self-assessment as to whether they are affected by the regulation and, if so, they shall register by 30 June 2024 on the online interface designated by the Regulatory Activities Supervisory Authority.
Fines for non-compliance with the Crypto Assets Act
From 30 June 2024, the Hungarian National Bank ("MNB") will supervise of crypto asset providers in Hungary in accordance with the Crypto Assets Act. In the event of non-compliance, the MNB may, among other actions, suspend or prohibit the activities of crypto-asset providers and in certain cases, impose fines of up to HUF 5 billion (ca. EUR 12.665 million) on legal entities.
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