Ukraine Drafts Bitcoin Reserve Bill, Aims to Manage Growing Digital Assets

Ukraine is in the process of drafting legislation that would enable the state to accumulate and manage a strategic reserve of Bitcoin. Member of Parliament Yaroslav Zhelezniak, the first deputy chair of the Verkhovna Rada Committee on Finance, Tax and Customs Policy, confirmed that a draft bill is nearing completion and will be submitted to parliament soon. This move aligns with earlier statements by Zhelezniak, who in February announced plans for a draft law allowing the creation of crypto reserves, as Kyiv seeks new methods to manage its growing digital assets.

Global exchange Binance is providing guidance to lawmakers on this initiative. Kirill Khomyakov, Binance’s regional head for Central and Eastern Europe, Central Asia and Africa, expressed support for Ukraine’s ambition to create a strategic crypto reserve. However, he cautioned that the process will require significant legislative changes and will not be quick. Khomyakov also noted that the effort could lead to greater clarity in the regulation of crypto assets in Ukraine.

The proposal for a Bitcoin reserve comes amid broader discussions over Ukraine’s delayed virtual-assets framework. In late April, the same Rada committee unanimously approved a comprehensive draft law on virtual assets, with a first reading anticipated within weeks. However, the bill was abruptly withdrawn at the request of the Presidential Office due to objections from the National Securities and Stock Market Commission (NSSMC) and its chair, Ruslan Magomedov. The NSSMC later issued a disclaimer stating it had no relation to decisions regarding the bill’s suspension or blocking, and it filed 80 amendments of its own.

Despite the lack of a formal reserve, Ukraine is already one of the world’s largest sovereign Bitcoin holders. Public blockchain data shows that government-controlled wallets hold approximately 46,351 BTC, worth roughly $4.8 billion at current prices. Most of this balance was likely donated, with pro-Ukrainian fundraisers receiving over $212 million in crypto assets since Russia’s full-scale invasion in February 2022. Approximately $83 million was sent directly to wallets advertised by the Ukrainian government.

A separate crypto fund launched by Kyiv exchange Kuna and the Ministry of Digital Transformation collected over $100 million in its first two months. Non-governmental organizations such as the Come Back Alive Foundation have also raised several million dollars in Bitcoin and stablecoins to equip the armed forces. Additionally, Ukraine has added to its holdings through corruption-related seizures, such as the confiscation of 6.9 BTC and $1.2 million in USDT from Yuriy Shchigol, former head of the State Special Communications Service, in December 2023.

Kyiv’s strategy mirrors a move by the United States, where on 6 March 2025, President Donald Trump signed an executive order establishing a Strategic Bitcoin Reserve. This reserve will initially warehouse all Bitcoin seized in federal criminal and civil cases and explore “budget-neutral” ways to acquire more. The initiative by Ukraine reflects a growing trend among governments to recognize the strategic value of digital assets and integrate them into national financial strategies.