Ukraine is reportedly about to make history by becoming the first country in Europe to have a national bitcoin reserve, a move aimed at strengthening its economy during the war with Russia.
The plan is still in its early stages and Binance, the world’s largest digital asset exchange, is involved.
According to Incrypted, a Ukrainian digital asset news outlet, Ukrainian MP Yaroslav Zheleznyak, First Deputy Chairman of the Finance, Tax and Customs Policy Committee, confirmed that the draft law is almost ready and will be submitted to the parliament soon.
“We will soon submit a draft law from the industry allowing the creation of crypto reserves,” Zheleznyak told Incrypted.
Earlier discussions mentioned a broader “crypto reserve” but the current plan is focused on bitcoin as a strategic reserve asset. If approved, the law will allow the National Bank of Ukraine to hold bitcoin as part of the country’s official reserves.
Since the war with Russia started, Ukraine has become one of the most bitcoin-friendly countries in the world.
In 2022 and 2023 Ukraine raised over $100 million in digital asset donations for defense and humanitarian purposes. A report from Chainalysis ranked the country among the top 10 countries for bitcoin adoption globally.
A rather vague and unconfirmed report by BitcoinTreasuries.net states that “holdings of public officials” currently stand at 46,351 BTC.
Supporters of the bitcoin reserve say it will help Ukraine protect its economy from war-related instability, inflation and currency depreciation.
By going digital, the government is looking for modern tools to strengthen its financial system in uncertain times. This is not just about storing bitcoin, it’s about establishing clear laws for digital assets ownership, management and use.
Binance is playing an advisory role in the project. The company has worked with Ukraine on digital asset education and regulations in the past and is now helping to shape the legal framework for the bitcoin reserve.
Kirill Khomyakov, Binance’s regional head for Central and Eastern Europe, Central Asia and Africa, confirmed the company’s support, but warned it won’t be fast or easy.
“The creation of such a reserve will require significant changes in legislation,” Khomyakov said. “Another positive aspect is that this initiative will likely lead to greater clarity in the regulation of crypto assets in Ukraine.”
Despite the support from some officials, there are legal hurdles. Ukrainian laws don’t allow bitcoin to be in the official reserves. So the government needs to pass new laws for it to happen.
Efforts to legalize bitcoin in general have been going on for years. In 2021, a draft law on virtual assets was approved by Finance Committee but was withdrawn after the President’s Office and financial regulators objected.
Up to now, over 80 amendments have been proposed, showing how complicated the process is.
The Ministry of Digital Transformation is leading a larger reform that could introduce rules for digital asset exchanges, tax laws and anti-money laundering standards in the country.
Ukraine isn’t alone in considering bitcoin as a national reserve asset. In March 2025, the U.S. announced its own Strategic Bitcoin Reserve using BTC seized in criminal cases.
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