Ukraine Considers Creating State Bitcoin Reserve with Binance Support
Ukraine is looking into the possibility of establishing a state Bitcoin reserve, with backing from cryptocurrency exchange Binance. Ukrainian MP Yaroslav Zhelezniak, who is also the First Deputy Chairman of the Finance Committee, has announced plans to introduce a draft bill in parliament to create the reserve.
According to local reports, Zhelezniak confirmed that the proposed reserve would focus exclusively on Bitcoin, making Ukraine the first European country to have a state-run Bitcoin reserve.
Binance’s Support for the Initiative
Binance’s regional head for Central and Eastern Europe, Kirill Khomyakov, has expressed support for the initiative, stating that the creation of a Bitcoin reserve would require significant changes in legislation but could lead to long-term benefits. Khomyakov believes that this move could bring greater clarity to the regulation of crypto assets in Ukraine.
Recently, Binance has been working with various jurisdictions, partnering with countries like Kyrgyzstan and Pakistan to develop crypto regulations and advising governments on establishing national Bitcoin reserves.
Global Trend Towards Bitcoin Reserves
Several countries, including the United States, Arizona, and New Hampshire, have been exploring the idea of establishing Bitcoin reserves. In the U.S., Texas lawmakers have advanced a bill that would allow the state comptroller to invest in digital assets with a market cap above $500 billion.
Outside the U.S., countries like Taiwan, Brazil, the Czech Republic, Russia, and Sweden have also shown interest in creating Bitcoin reserves.
Ukraine’s Evolving Digital Asset Framework
Ukraine has been actively shaping its digital asset regulations, with the Verkhovna Rada Committee on Finance, Tax and Customs Policy recently approving a draft law on virtual assets. However, the bill was later withdrawn from consideration at the President’s Office’s initiative.
Despite the setback, Ukraine’s securities regulator has proposed a 23% tax on crypto income, combining personal and military levies.
The proposed state Bitcoin reserve in Ukraine reflects the country’s commitment to embracing the potential of cryptocurrencies and blockchain technology. As the regulatory landscape continues to evolve, Ukraine is positioning itself as a key player in the global crypto economy.