Ukraine advances crypto reserve mission with strategic bill

Ukrainian lawmakers are taking the next step toward bringing crypto into the nation’s financial reserves with a newly proposed bill.

A group of lawmakers submitted a draft bill on June 10, 2025, proposing amendments to the Law on the National Bank of Ukraine that would allow virtual assets to be included in the country’s gold and foreign currency reserves. The initiative was led by MP Yaroslav Zhelezniak and co-sponsored by seven other members.

The move follows Zhelezniak’s remarks in May, when he first mentioned plans to create a national crypto reserve as part of a broader effort to modernize Ukraine’s digital asset framework. Commenting on the bill, Zhelezniak emphasized that it would grant the bank the right to include virtual assets such as Bitcoin (BTC) in the nation’s reserves.

“We, as members of parliament, believe this step will help integrate Ukraine into global financial innovation. Proper management of crypto reserves could strengthen macroeconomic stability and unlock new opportunities for digital economic growth,” he shared via Telegram.

The National Bank will, however, retain the freedom to decide the accumulation process at its own discretion. Zhelezniak added that the idea isn’t unprecedented, citing similar ongoing efforts by countries such as the United States, Switzerland, El Salvador, and Kyrgyzstan, among others.

The bill has already drawn the interest of industry leaders. Binance’s regional head for Central and Eastern Europe, Kirill Khomyakov, who has been in talks with Zhelezniak regarding the proposal, said the bill could introduce regulatory benefits to Ukraine’s crypto sector.

“This initiative will likely lead to greater clarity in the regulation of crypto assets in Ukraine, as the government will need to more clearly articulate its position on this issue,” he said.

However, the benefits are contingent on the bill being approved by the Verkhovna Rada, Ukraine’s parliament. If passed, it would make Ukraine the first European country to establish a state-run Bitcoin reserve.

Similarly, other countries like Taiwan, Brazil, the Czech Republic, and Russia are also working on incorporating digital assets into their national reserves.