Hungarian businessmen and investors are being pushed to open transactions in cryptocurrency with tax incentives.

The government of the country decided to reduce the rate for payments to the budget from income from cryptocurrency trading – from 30.5 to 15 percent. The new income tax will take effect from 2022. Therefore, the Hungarian national regulator plans to reduce the number of shadow transactions with digital assets.

“After this reform, we plan to collect several million dollars in additional tax revenues and increase the transparency of the country’s growing cryptocurrency market, the visibility of transactions for the authorities,” Hungarian Finance Minister Varga said on his Facebook.