Ukraine is preparing to become the first European country to officially add Bitcoin to its national reserves

Under the plan, the National Bank of Ukraine could soon gain legal authority to custody and manage Bitcoin reserves

A draft bill to introduce Bitcoin to Ukraine’s state reserves is being prepared and will be submitted to parliament in the coming days, a lawmaker has confirmed.

Yaroslav Zheleznyak, who helps shape financial and tax policy in the war-torn country, said the legislation will grant the National Bank of Ukraine authority to custody and manage Bitcoin as a strategic reserve asset.

This marks a significant step beyond Ukraine’s existing crypto legalization, which has focused on private-sector use of digital assets.

The initiative was confirmed to Incrypted by Zheleznyak, whose role in the bill’s preparation has also been noted by other sources.

The proposal is now being widely discussed on social media, with several reports summarizing the bill.

Among those amplifying the news is Bitcoin Magazine’s editor Pete Rizzo, who noted that the country intends to hold and not sell 40,000 BTC as part of its national reserve strategy.

Earlier this year, during the CRYPTO 2025 conference in Kyiv on February 27, Zheleznyak already touched upon the subject of preparing a legislative initiative concerning the possibility of establishing cryptocurrency reserves.

The bill represents a strategic escalation from Ukraine’s current crypto stance. While digital assets are already legal for individuals, there’s no framework allowing the government to actively manage or hold them.

This contrasts with several other countries, such as El Salvador, which began accepting Bitcoin for state functions in early 2021.

Ukraine’s approach is especially notable for its timing. The country remains in the midst of war, inflation, and ongoing economic strain, yet continues to explore digital assets as a hedge and stabilizing tool.

If passed, the law would elevate Bitcoin from a private-sector asset to an official instrument of state policy, similar to how foreign currency reserves are managed.

Behind the scenes, crypto exchange Binance is helping shape the bill. Long involved in advising governments on regulatory frameworks, Binance is reportedly consulting on technical and legal aspects to ensure the policy is workable and compliant.

Kirill Khomyakov, who heads Binance operations across Central and Eastern Europe, Central Asia, and Africa, said: “The creation of such a reserve will require significant changes in legislation, which indicates that this process will not be quick.”

“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.”

This isn’t Ukraine’s first major move in crypto. Since the Russian invasion, the country has embraced digital assets for fundraising and financial agility, raising over $100 million in crypto donations for defense and humanitarian purposes.

However, key operational questions remain unanswered. Where would the Bitcoin be stored, who would manage the private keys, and how would price volatility be accounted for in reserve management are among the complexities lawmakers must address before the bill can advance.