Ukraine is working on legislation to establish a national strategic Bitcoin reserve, Ukraine-based media outlet Incrypted reported on Wednesday. The Ukraine-based media outlet said it confirmed the initiative with Yaroslav Zhelezniak, Member of Parliament and First Deputy Chairman of the Finance, Tax, and Customs Policy Committee.
The draft law is currently being finalized and will be submitted in the near future, Zhelezniak said. Earlier in February 2025, he had mentioned preparing “a draft law” allowing the creation of crypto reserves, without providing further details. Per the announcement, Binance is backing Ukraine’s efforts to build the Bitcoin reserve. While the report mentioned active cooperation between the global exchange and Ukraine’s authorities, it did not elaborate on the scope of collaboration.
Binance CEO Richard Teng told the Financial Times last month that the company is collaborating with multiple countries on establishing Bitcoin reserves and crafting crypto regulations. Governments and sovereign wealth funds around the world have approached Binance for assistance in setting up their crypto reserves, spurred by the US’s pro-crypto policies, including President Trump’s executive order to set up a US strategic Bitcoin reserve.
Binance and its co-founder Changpeng Zhao (CZ) have recently engaged in high-level crypto consultations with both Pakistan and Kyrgyzstan. CZ signed a memorandum of understanding with the National Investment Agency to advise on blockchain technologies and regulatory frameworks. Meanwhile, in Pakistan, CZ was appointed as a Strategic Advisor to the Pakistan Crypto Council, where his focus includes regulation, infrastructure, education, and crypto adoption.
While these discussions did not involve the establishment of national crypto reserves at the time of first reporting, CZ revealed in a May 5 post that he had recommended Kyrgyzstan consider holding Bitcoin and Binance Coin in its reserves. Ukraine is accelerating efforts to establish a comprehensive legal framework for digital assets.
Crypto legalization is anticipated in the first quarter of 2025, following the finalization of a draft bill currently being prepared by a specialized working group in coordination with the National Bank of Ukraine and the International Monetary Fund (IMF), said Daniil Getmantsev, head of the Verkhovna Rada’s tax committee, in a December statement.
The legislation aims to establish fiscal oversight and integrate anti–money laundering protocols. Profits from crypto transactions will be subject to capital gains tax upon conversion to a fiat cy. According to Incrypted, a previous version of the bill had advanced through parliament but was recently withdrawn, reportedly due to concerns from the President’s Office and regulatory resistance, particularly from the National Securities and Stock Market Commission.
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