- Ukraine is working on a law to establish a national Bitcoin reserve, which is a major move to bring crypto into its financial plans.
- Binance is backing Ukraine’s Bitcoin reserve program, calling for changes to the law to further promote crypto acceptance on a nationwide scale.
- The virtual assets law was withdrawn last weekend, but work on the crypto reserve plan continues apace as officials draft a fresh legislative bill.
Ukraine is moving forward with plans to establish a strategic Bitcoin reserve. A draft law supporting the initiative is currently under finalization and will soon be submitted for review.
Draft Legislation on Crypto Reserves Underway
Ukrainian lawmaker Yaroslav Zhelezniak, First Deputy Chairman of the Committee on Finance, Tax and Customs Policy, confirmed the country’s intent to establish a national Bitcoin reserve. He stated in a conversation with Incrypted that the bill’s text is nearing completion and will be submitted shortly. The plan reflects earlier discussions held in February 2025, where Zhelezniak first mentioned the idea of enabling the creation of cryptocurrency reserves at the state level.
The proposed legislation marks a pivotal move in Ukraine’s approach to integrating digital assets into national financial strategies. According to Zhelezniak, the bill aims to provide a legal framework that supports and governs the reserve’s development. Although specific contents of the draft have not yet been disclosed, the law is expected to lay the groundwork for a more structured use of digital assets by government bodies.
Binance Backs Ukraine’s Crypto Strategy
In a related development, Binance has expressed clear support for Ukraine’s initiative. Kirill Khomyakov, who leads Binance operations in Central and Eastern Europe, Central Asia, and Africa, confirmed the exchange’s position. Speaking to Incrypted, he emphasized that implementing the reserve would involve extensive legal reforms, suggesting a gradual but focused effort.
Khomyakov noted, “The creation of such a reserve will require significant changes in legislation… this initiative will likely lead to greater clarity in the regulation of crypto assets in Ukraine.” Binance’s participation can provide further technical and strategic resources to the program, further enhancing Ukraine’s increasing presence within the international digital asset sphere.
The backing by Binance is in line with its overall aim to encourage adoption and regulation of cryptocurrency across emerging markets. Its partnership could also influence the pace and structure of the legal developments surrounding the initiative.
Regulatory Challenges and Delays
Notwithstanding progress relating to the crypto reserve bill, Ukraine’s overall regulatory framework for digital assets has been stalled. In late April, the Verkhovna Rada Committee on Finance, Tax and Customs Policy greenlit a standalone virtual assets draft bill. It later, however, was withdrawn from parliamentary review on the instructions of the President’s Office.
This hiatus was caused, according to Zhelezniak, by the position taken by the National Securities and Stock Market Commission and its head, Ruslan Magomedov. The Commission, however, rejected the claim, saying it does not have the right to suspend legislative procedure. It admitted to having lodged only 80 comments and suggested amendments into the new draft law.
As Ukraine makes its way through the changes, establishing a Bitcoin reserve continues to be a top concern for legislators. The next few months could bring more clarity as the bill makes its way through legislative proceedings.
