TLDR
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Ukraine plans to legalize a national Bitcoin reserve.
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It holds nearly $5B in Bitcoin from wartime donations.
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A new bill will manage and regulate these assets.
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Crypto leaders support the move; regulators are cautious.
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Ukraine may set a global example for state crypto reserves
Ukraine is preparing to formalize its Bitcoin reserve strategy, signaling stronger integration of digital assets into state finance. The country’s government already holds nearly $5 billion worth of Bitcoin, primarily from wartime donations. Authorities now intend to legalize and manage these assets through a proposed state crypto reserve framework.
Legislative Efforts Gain Momentum
Ukraine’s parliament is expected to receive a new bill to legalize a national Bitcoin reserve. Yaroslav Zhelezniak confirmed that he is finalizing the bill and will submit it in the coming weeks. This move highlights Ukraine’s commitment to regulating digital assets through state legislation.
💥JUST IN: Ukraine in final stages of preparing bill to create a National Bitcoin Reserve.
— Bitcoin Archive (@BTC_Archive) May 16, 2025
Although a broader bill on virtual assets faced delays, the crypto reserve initiative is moving independently. The previous draft law was withdrawn, reportedly influenced by the President’s Office and regulatory concerns. Despite this, lawmakers continue to push forward with crypto-related initiatives that align with national economic goals.
Besides setting legal grounds, the reserve would allow Ukraine to manage its growing crypto treasury under official oversight. Zhelezniak emphasized that the reserve would operate transparently and align with national financial policy. His office is coordinating with relevant financial authorities to ensure smooth implementation.
Current Holdings and International Standing
Ukraine holds approximately $4.8 billion in Bitcoin, making it one of the world’s largest state-level holders. These funds came mainly through global donations during the ongoing conflict with Russia. The government has not yet converted or reallocated these assets formally.
This places Ukraine behind only China, the United Kingdom, and the United States in total Bitcoin reserve size. It also strengthens Ukraine’s position globally as one of the most crypto-active nations. Consistently, the country has ranked high in digital asset adoption and blockchain activity.
With these holdings already in hand, creating a formal Bitcoin reserve becomes a strategic necessity. It would ensure better asset management, especially during financial planning and wartime logistics. Authorities believe this move will increase fiscal resilience and transparency in public crypto funds.
Industry and Regulatory Reactions
Kirill Khomyakov, who leads Binance operations in key global regions, welcomed Ukraine’s Bitcoin reserve proposal. Given the current framework’s limitations, he acknowledged that major legal updates would be needed. However, he indicated that more explicit rules could follow from this process.
Regulatory bodies have shared mixed responses, though some denied delaying the broader digital asset bill. The National Securities and Stock Market Commission submitted over 80 amendments but claimed no role in blocking its progress. Meanwhile, dialogue between lawmakers and regulators continues to refine future digital finance rules.
The state’s crypto strategy aligns with Ukraine’s broader effort to modernize financial systems amid war and global uncertainty. While many countries rejected reserve proposals, Ukraine is pressing forward. As more details emerge, its Bitcoin reserve plans could influence regional crypto policy.
Global Context of State Crypto Reserves
In 2025, more nations began exploring the idea of a strategic Bitcoin reserve, but most plans stalled. Countries like South Korea, Switzerland, and South Africa faced political and regulatory resistance. Their central banks often cited legal risks and unclear policy impacts.
However, nations like El Salvador, Bhutan, and the U.S. already maintain state-level crypto reserves. The Czech Republic also planned to hold Bitcoin as part of its strategic reserve assets. These developments show that state-level adoption of Bitcoin is gaining momentum in specific regions.
Ukraine joins this limited group by taking real legislative steps to institutionalize its crypto reserves. Its progress could be a model for other nations with significant public crypto holdings. The move underscores how Bitcoin reserve strategies evolve beyond theory into practical governance.
