Ukraine Is All Set to Make History by Creating Europe's First Strategic Bitcoin Reserve — a Step Backed by Binance

The country is currently pushing to legalize cryptocurrency and expand its financial system.

Ukraine is on the verge of making history as the first European country to establish a Strategic Bitcoin Reserve, a move supported by cryptocurrency exchange Binance.

As Incrypted reports, officials in Ukraine are preparing to introduce a bill that will legalise cryptocurrency and propel the country into the digital age of finance.

The report adds that the bill is still in the planning stages and won't be tabled immediately.

Earlier this year, a high-ranking finance official, Yaroslav Zhelezniak, shared details of draft laws that will pave the way for crypto reserves and expand Ukraine's financial system. However, at the time, no further specifics were disclosed.

In a statement to Incrypted, Kirill Khomyakov, Binance's head for CEE, Central Asia and Africa, expressed the exchange's full support for Ukraine's initiative.

Khomyakov noted that while it will require significant changes and won't be realised overnight, it's a huge step forward that will bring clarity to cryptocurrency legislation within Ukraine.

Ukraine has been making strong efforts to legalise crypto by 2025. Officials are working on a draft bill that will also introduce capital gains taxes on crypto-to-fiat conversions and align anti-money laundering rules with Financial Action Task Force on Money Laundering standards.

A previous bill to legalise cryptocurrency in Ukraine was reported to be stalled in the President's office after it faced objections.

Some reports claimed that the National Securities and Stock Market Commission was blocking the bill, but the Commission denied this, stating that it preferred to propose 80 amendments to the bill.

Binance has been actively engaging with multiple countries to advise on establishing Bitcoin reserves and formulating cryptocurrency regulations.

Recently, Binance officials engaged in high-level talks with Pakistan and Kyrgyzstan on these topics.

Binance has also been collaborating with Ukraine on cryptocurrency education and exchange regulations.

Even amid the ongoing war, Ukraine has rapidly adopted cryptocurrency, with crypto donations from around the world pouring into the country's efforts to provide humanitarian and defense aid.

El Salvador was the first country to create a Bitcoin Reserve, which currently holds over 6,000 BTC. In 2025, the US also launched its Strategic Bitcoin Reserve. Brazil is currently researching the possibility of establishing a digital reserve, and Japan, the UAE, and Singapore could all be future candidates for Bitcoin Reserves as part of their financial strategies due to their significant trading activity.