Ukraine may have its own crypto reserve

10.06.2025 - A group of Ukrainian MPs registered draft law No. 13356which will allow the National Bank of Ukraine (NBU) to include virtual assets, including cryptocurrencies, in the country's foreign exchange reserves. The document, available on the Verkhovna Rada's website, is a cautious step toward integrating digital assets into public finance.

Details of the initiative

• A right, not an obligation: The draft law, initiated by eight MPs led by Yaroslav Zheleznyak, gives the NBU a legal opportunity to include virtual assets in its reserves. At the same time, the NBU is not obliged to immediately form a crypto reserve.

• The decision is up to the NBU: All issues related to the volume, timing, and types of virtual assets will be decided exclusively by the NBU based on risk assessment and expediency.

• Objective: According to the authors, the initiative is aimed at diversifying reserves and supporting the development of Ukraine's digital economy.

Position of the authors

Yaroslav Zheleznyak, First Deputy Chairman of the Verkhovna Rada Committee on Finance, Taxation and Customs Policy, said in an officialcomments:

"This is a step towards Ukraine's integration into global financial innovations. Proper management of virtual assets can strengthen macroeconomic stability and open up new opportunities for the digital economy."

The drafting of the law was advised by Petro Bilyk, partner at Juscutum, and Kyrylo Khomyakov, Head of Binance Central and Eastern Europe, Central Asia and Africa.

Ukrainian context

According to the BiTBO platform, about 2021,46 BTC were declared in Ukraine in 351 (approximately $4.6 billion at the rate of $100,000 per BTC in June 2025). These assets are owned mostly by individuals, including civil servants, and not by the state. The Draft Law No. 10450 deals exclusively with official reserves managed by the NBU.

The economic situation in Ukraine, complicated by the war and dependence on international aid, makes diversification of reserves important. However, the high volatility of cryptocurrencies and the lack of international accounting standards pose significant risks that the NBU will have to assess.

International experience

Yaroslav Zheleznyak noted that the idea of including virtual assets in the reserves is being discussed in a number of countries:

• El Salvador: Since 2021, the country has been using bitcoin as a legal tender and holding it in reserves.

• USA: There are initiatives to integrate crypto assets at the level of individual states (e.g., Wyoming), but there are no such plans at the federal level.

• Pakistan: In May 2025, the authorities announced their intention to study the possibility of creating a crypto reserve, but no concrete steps have been taken yet.

Mentions of other countries (Switzerland, Brazil, Kyrgyzstan, Germany, and the Czech Republic) need to be confirmed, as there is no official data on the inclusion of crypto assets in their reserves.

Next steps

Draft Law No. 13356 was registered on June 10, 2025 and is pending consideration by the relevant committees of the Verkhovna Rada. If the decision to form a crypto reserve is made, it will depend on the NBU, which will take into account both potential benefits (diversification, investment attraction) and risks (volatility, regulatory challenges).

This initiative reflects the global interest in virtual assets as an element of public finance, but emphasizes Ukraine's cautious approach, where the decision is left to the NBU's professionals.