SZTFH Clarifies Regulatory Framework for Investment Gold Trading

The Hungarian Trade Licensing Authority (SZTFH) has issued comprehensive guidance on investment gold trading regulations, clarifying which precious metal transactions fall within its regulatory purview.

What Qualifies as Investment GoldUnder Hungarian law, investment gold must meet specific purity and form requirements:

Gold bars or plates with at least 995 per mille purity, weighing more than one gram, accepted on precious metal marketsGold coins minted after 1800 with at least 900 per mille purity that are or were legal tender, provided the market price does not exceed 80% above the coin's gold content valueThe European Commission publishes an annual list of qualifying gold coins under EU VAT Directive Article 345. The 2026 list is now available on EUR-Lex.

What Does Not QualifyThe following are explicitly excluded from the investment gold category:

Gold jewelry (rings, earrings, necklaces, bracelets, cufflinks)Decorative items (pens, cutlery, cups, statues)Industrial gold used in electronics or dentistryScrap gold (damaged, worn, or hallmark-free items sold as raw material)SZTFH's Regulatory ScopeThe authority's oversight covers only the purchase and sale of investment gold. This includes licensing procedures, verification of required corporate structures (joint-stock or limited liability companies), premises inspections, and enforcement against unlicensed operators.

Licensed dealers must report their investment gold inventory and trading volumes to the SZTFH. However, if a business also sells non-investment gold products such as jewelry or decorative items, those activities fall outside the authority's jurisdiction.