Ukraine may soon be reviewing a legislative proposal to create a state Bitcoin reserve with backing from cryptocurrency exchange Binance.
According to local media, Ukrainian MP Yaroslav Zhelezniak, who also serves as First Deputy Chairman of the Finance Committee, has confirmed plans to introduce the draft bill in parliament soon.
“We will soon submit a draft law from the industry allowing the creation of crypto reserves,” Zhelezniak was quoted as saying.
While the final version is still being refined, Zhelezniak has clarified that the initiative will focus exclusively on Bitcoin, shifting from earlier mentions of broader crypto reserves.
If the bill is passed, Ukraine would become the first European country to establish a state-run Bitcoin reserve.
The proposal has drawn interest from Binance, whose regional head for Central and Eastern Europe, Kirill Khomyakov, expressed support for the initiative.
Speaking to local media, Khomyakov said the creation of such a reserve would require “significant changes in legislation,” noting that while the process may not be quick, it could bring long-term benefits.
“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.
Binance has recently been collaborating with various jurisdictions, including partnerships with Kyrgyzstan and Pakistan to develop crypto regulations, and advising multiple governments on establishing national Bitcoin reserves.
Similar reserve models are already gaining traction elsewhere. In the United States, Texas lawmakers recently advanced Senate Bill 21, which would allow the state comptroller to invest in digital assets with a market cap above $500 billion.
Arizona and New Hampshire have already taken steps in this direction. Arizona’s fund will be sourced from unclaimed digital assets, while New Hampshire has authorized up to 10% of its general fund to be allocated to Bitcoin and similarly capitalized assets.
Outside the U.S., there have been talks of establishing Bitcoin reserves in countries such as Taiwan, Brazil, the Czech Republic, Russia, and Sweden.
Ukraine’s growing interest in a Bitcoin reserve comes as the country continues to reshape its digital asset framework. In April, the Verkhovna Rada Committee on Finance, Tax and Customs Policy unanimously approved a draft law on virtual assets.
However, the bill was later withdrawn from consideration, reportedly at the initiative of the President’s Office.
While the draft law’s progress was stalled, regulatory efforts have not. Ukraine’s securities regulator has separately proposed a 23% tax on crypto income, combining personal and military levies.
