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Hungary: Uber pulls out ot thanks to new regulations

By  |  July 13, 2016

Uber is pulling out of Hungary—for now. The company said on Wednesday that it will have to suspend operations due to new regulations in the country.

The European Commission may have recently pleaded with EU countries to go easy on “collaborative economy” platforms such as Uber, but Budapest is clearly not listening.

New legislation cleared the Hungarian parliament last month, requiring transport and communications authorities to block the apps of passenger transport companies that do not use a traditional dispatch service. Bans last up to a year and fines for non-compliance—which can be levied repeatedly—range up to 200,000 forints ($707).

The law followed now-familiar protests from traditional taxi firms, furious at the competition posed by services such as Uber, which do not adhere to the same licensing standards and can offer lower prices by having drivers bear the costs of their vehicles.

Full Content: Fortune

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