Key Takeaways
- Ukraine is finalizing a draft bill to create national Bitcoin reserves.
- U.S. and Swedish officials have recently advocated for Bitcoin as a reserve asset.
- Legal reforms and a 23% proposed tax on some Bitcoin transactions could slow progress.
Ukraine is reportedly close to introducing legislation that would establish Bitcoin as a national reserve asset.
According to Ukrainian lawmaker Yaroslav Zhelezniak, the draft bill is in its final stages and was presented at the CRYPTO 2025 conference in Kyiv on Feb. 6.
Zhelezniak said:
We will soon submit a draft law from the industry allowing the creation of crypto reserves.
Global interest in Bitcoin as a sovereign reserve
The bill comes amid rising global interest in Bitcoin as a sovereign reserve.
In March 2024, U.S. President Donald Trump signed an executive order to establish a national Bitcoin reserve using confiscated BTC.
A month later, Swedish MP Rickard Nordin urged his country to follow suit, calling Bitcoin a…
… hedge against inflation.
Challenges and legal reforms
Legal and logistical challenges remain for Ukraine. Kyrylo Khomiakov, a regional head at Binance, said:
Implementing such a reserve would necessitate significant legal changes, indicating that this process will not be swift.
Taxation & legalization of digital assets
Ukraine also aims to legalize digital assets in early 2025 in coordination with the National Bank and the IMF.
On April 8, financial regulators proposed taxing certain Bitcoin transactions as personal income at rates up to 23%, though this would not apply to crypto-to-crypto trades or stablecoins.
Skepticism & criticism
Despite the legislative progress, skepticism exists. Michael Chobanian, founder of Ukraine-based Kuna exchange, said:
The country is broke… What kind of BTC reserves are we talking about here? This is done only to divert your attention.
