Ukraine Registers Law for National Bank Crypto Reserves

Ukraine has taken a significant step towards integrating virtual assets into its national financial framework with the registration of Draft Law No. 13356

Ukraine is making strides in integrating virtual assets into its national financial framework.

What Happened: Draft Law No. 13356, aiming to amend the Law of Ukraine "On the National Bank of Ukraine" was registered on June 10.

This proposed legislation would grant the National Bank the authority to include virtual assets in the country's gold and foreign exchange reserves.

While the full text of the document is not yet publicly available, details of the initiative were shared by one of its key initiators, Yaroslav Zheleznyak, a people's deputy from the Holos faction and deputy chairman of the Verkhovna Rada's Finance Committee.

"We have registered such an initiative. We give the National Bank the right to include virtual assets in Ukraine's reserves. But how, when, and how much should be the decision of the regulator itself. That is, we do not oblige and leave it to their professional choice," Zheleznyak said.

Crucially, the bill does not mandate the National Bank to invest in any specific cryptocurrency or dictate the timing or amount of such investments. Instead, it provides flexibility to the National Bank to adapt to market conditions and strategic needs.

Why It Matters: Zheleznyak explained that this move is part of a broader effort to integrate Ukraine more deeply into global financial innovations.

"The proper management of crypto reserves will help strengthen macroeconomic stability and create new opportunities for the development of the digital economy," he added.

According to Zheleznyak, the idea of incorporating virtual assets into state reserves is not unique to Ukraine, with several international precedents and ongoing developments. He mentioned that the United States is already in the process of forming a strategic crypto reserve.

The registration of Draft Law No. 13356 marks a pivotal moment, signaling a potential shift in Ukraine's approach to financial reserves and an embrace of the evolving digital economy landscape.

The details of the National Bank's eventual implementation, once the law progresses, will be keenly watched by the global financial and cryptocurrency communities.

See More: As the global cryptocurrency landscape continues to evolve rapidly, nations around the world are adapting their legal frameworks to navigate this emerging domain.

From the U.S. to South Korea, lawmakers are making moves to integrate crypto into existing financial frameworks, signaling a broader shift in how digital assets are being recognized and regulated on the world stage.