Ukraine May Establish National Crypto Reserve Amid Growing Global Momentum

Ukraine is reportedly finalizing legislation to create a state-backed cryptocurrency reserve, joining a growing list of nations exploring digital assets as part of their strategic holdings. According to Ukrainian lawmaker Yaroslav Zhelezniak, the bill is in its final stages and will be submitted for parliamentary consideration “in the near future.”

Zhelezniak, the first deputy chairman of Ukraine’s Committee on Finance, Tax and Customs Policy, disclosed the news in an interview with local crypto publication Incrypted. If approved, Ukraine would become one of the few countries with a formalized national crypto reserve, alongside El Salvador, Bhutan, and the United States.

One of the World’s Largest Bitcoin Holders—Unofficially

Although Ukraine does not yet hold an official crypto reserve, it has already amassed significant amounts of digital assets through global donations in response to the ongoing war with Russia.

Blockchain analytics platform Elliptic estimates that the government has received over $50 million in crypto donations and now holds Bitcoin worth approximately $4.8 billion, making it one of the largest state holders of Bitcoin globally, just behind the U.S., U.K., and China.

Ukraine’s move toward formalizing these holdings reflects a broader shift in crypto policy. The country has also been working on a comprehensive digital asset regulation bill since April 2025, though progress has stalled amid parliamentary delays. The 200-page draft proposes taxation frameworks and legal structures for both individuals and institutions dealing in crypto.

Industry Support and Legislative Hurdles

The proposed national reserve has received support from the crypto industry. Kirill Khomyakov, regional head of Binance for CEE, Central Asia, and Africa, welcomed the development, calling it a step toward “greater clarity in crypto regulation” in Ukraine. However, he also acknowledged that implementing a reserve would require significant legal changes to the country’s existing financial framework.

Ukraine has consistently ranked as one of the top countries globally for crypto adoption, with a robust ecosystem of developers, users, and exchanges. The war has accelerated both usage and government familiarity with crypto infrastructure, from stablecoins to custody solutions.

The Global Race to Build Bitcoin Reserves

Ukraine’s plans come amid a surge in national-level interest in Bitcoin reserves. Earlier this year, Czech Republic officials announced plans to begin stockpiling Bitcoin. The U.S. has also signaled growing interest, with White House advisors reportedly referring to a “space race” to accumulate Bitcoin as a national asset.

However, not all countries are on board. Strategic reserve plans have recently been rejected in the U.K., South Korea, Switzerland, and South Africa, with some central banks warning of regulatory capture and market volatility. Despite this, governments now collectively hold around 2.3% of the total Bitcoin supply, according to CoinGecko.

Ukraine’s next steps may depend on both legislative support and geopolitical developments. If the crypto reserve bill passes, it would mark a major turning point not just for Ukraine’s digital asset policy—but for how governments globally approach Bitcoin as a geopolitical tool.

Editorial Note: This news article has been written with assistance from AI. Edited & fact-checked by the Editorial Team.

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