Under the plan, the National Bank of Ukraine could soon gain legal authority to custody and manage Bitcoin reserves
Ukraine is preparing to become the first European country to officially add Bitcoin to its national reserves, with a draft bill set to be submitted to parliament in the coming days.
The legislation would authorize the National Bank of Ukraine to legally hold Bitcoin as a strategic reserve asset, marking a significant step beyond the country’s existing crypto legalization framework.
The initiative was confirmed to Incrypted by lawmaker Yaroslav Zhelezniak, who helps shape Ukraine’s financial and tax policy.
Soon after the announcement, the proposal began circulating widely on social media, where it was broadly interpreted as a bullish signal for Bitcoin.
Among those amplifying the news was Bitcoin Magazine’s editor Pete Rizzo, who highlighted that Ukraine intends to hold and not sell 40,000 BTC as part of its national reserve strategy.
In early February 2025, during the CRYPTO 2025 conference in Kyiv, Zheleznyak already addressed the subject of the preparation of a legislative initiative concerning the possibility of establishing cryptocurrency reserves.
The bill represents a strategic escalation from Ukraine’s current crypto stance. While digital assets are already legal for individuals, there’s no framework allowing the government to actively manage or hold them.
Binance-backed bill could redefine state crypto adoption in Europe
Ukraine’s approach is especially notable for its timing. The country remains in the midst of war, inflation, and ongoing economic strain, yet continues to explore digital assets as a hedge and stabilizing tool.
If passed, the law would elevate Bitcoin from a private-sector asset to an official instrument of state policy.
Behind the scenes, crypto exchange Binance is helping shape the bill. Long involved in advising governments on regulatory frameworks, Binance is reportedly consulting on technical and legal aspects to ensure the policy is workable and compliant.
Kirill Khomyakov, who heads Binance operations across Central and Eastern Europe, Central Asia, and Africa, said to Incrypted, “The creation of such a reserve will require significant changes in legislation, which indicates that this process will not be quick.”
“Another positive aspect is that 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 added.
Ukraine’s reserve strategy prompts operational concerns
This isn’t Ukraine’s first major move in crypto. Since the Russian invasion, the country has embraced digital assets for fundraising and financial agility, raising over $100 million in crypto donations for defense and humanitarian purposes.
Still, key operational questions remain unanswered. Where would the Bitcoin be stored, who would manage the private keys, and how would price volatility be accounted for in reserve management are among the complexities lawmakers must address before the bill can advance.
