Ukraine may soon move forward with legislation to establish a state-run Bitcoin reserve, according to Ukrainian MP Yaroslav Zhelezniak, who serves as the First Deputy Chairman of the Finance Committee.
Speaking to local media, Zhelezniak confirmed plans to introduce a draft bill focused exclusively on Bitcoin reserves, marking a significant shift from earlier discussions of broader crypto reserves.
First in Europe to Launch a State Bitcoin Reserve?
If approved, Ukraine would become the first European nation to officially create a state-backed Bitcoin reserve. The initiative has already garnered support from Binance, with its regional head for Central and Eastern Europe, Kirill Khomyakov, expressing optimism:
“This initiative will likely lead to greater clarity in the regulation of crypto assets in Ukraine.”
Khomyakov noted that significant legislative changes would be required, though the long-term benefits could be substantial.
Binance’s Growing Influence in State Crypto Adoption
Binance’s involvement in Ukraine is part of a broader strategy to support national crypto reserves. The exchange has also collaborated with Kyrgyzstan and Pakistan on regulatory development and is advising multiple governments on setting up national Bitcoin reserves.
Global Momentum for State Bitcoin Reserves
Ukraine’s proposal aligns with a growing global trend. In the United States, Texas lawmakers recently advanced Senate Bill 21, allowing the state to invest in digital assets with a market cap above $500 billion. Arizona and New Hampshire have also made strides, with plans to source Bitcoin reserves from unclaimed digital assets and allocate up to 10% of their general funds, respectively.
Elsewhere, countries like Taiwan, Brazil, the Czech Republic, Russia, and Sweden have also initiated discussions around similar reserves.
Next Steps for Ukraine’s Crypto Landscape
The proposal arrives as Ukraine continues to reshape its digital asset framework. In April, the Verkhovna Rada Committee on Finance, Tax and Customs Policy approved a draft law on virtual assets, though it was later withdrawn. Despite the setback, Ukraine’s securities regulator is moving forward with a proposed 23% tax on crypto income.
If Ukraine’s Bitcoin reserve proposal gains traction, it could accelerate the country’s push toward becoming a crypto-friendly nation, with Binance playing a critical role in the legislative and infrastructural development.
For further updates on state-driven Bitcoin reserves, visit TheCoinInfo.
