Ukraine is working on legislation to establish a national strategic Bitcoin reserve

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.

Ukraine is working on legislation to establish a national strategic Bitcoin (BTC) reserve, local media outlet Incrypted reported on Wednesday.

The initiative was confirmed by Yaroslav Zhelezniak, Member of Parliament and First Deputy Chairman of the Finance, Tax, and Customs Policy Committee, the report said.

The draft law is currently being finalized and will be submitted to the parliament soon, Zhelezniak noted. Earlier in February, he had mentioned preparing "a draft law" allowing the creation of crypto reserves, without providing further details.

As the media outlet noted, Binance is said to be backing the Eastern European country's move 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 the partnership.

Governments and sovereign wealth funds have approached Binance for assistance in setting up their crypto reserves, sparked by the U.S.’s pro-crypto policies, including President Trump’s executive order to set up a U.S. strategic Bitcoin reserve.

Binance and its co-founder Changpeng Zhao (CZ) have recently been involved in high-level crypto consultations in both Pakistan and Kyrgyzstan.

In March, CZ met with the President of Kyrgyzstan, Sadam Minglianovich, and the leadership of the National Investment Agency in the Central Asian nation. During the meeting, they discussed exploring new technologies and investment opportunities in Kyrgyzstan. They also signed a memorandum of understanding for Binance to advise on blockchain technologies and regulatory frameworks.

Meanwhile, in Pakistan, CZ was appointed as a Strategic Advisor to the Pakistan Crypto Council in April. His role will involve advising on regulation, infrastructure, education, and crypto adoption in the country.

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.