Ukraine Proposes Crypto Reserve Bill to Boost Economy

Ukraine has taken another step toward integrating digital assets into its financial framework by introducing a new bill to create a national cryptocurrency reserve.

Overview

Submitted to the Verkhovna Rada, the Ukrainian parliament, bill number 13356 proposed legislation outlines how the government can officially hold and manage crypto assets such as Bitcoin (BTC) and Ethereum (ETH) as part of its strategic financial reserves. The bill was introduced by members of the Committee on Digital Transformation and backed by several lawmakers from President Volodymyr Zelenskyy’s Servant of the People party. 

Its primary goal is to allow the state to diversify its reserve assets by including cryptocurrencies alongside traditional holdings like foreign currencies and gold. According to the bill’s drafters, the move is intended to modernise Ukraine’s financial system, improve national resilience in times of crisis, and bolster confidence among international investors and domestic innovators. The draft law proposes strict oversight mechanisms, including mandatory audits and monthly public reporting, to ensure transparency and accountability in managing digital reserves.

Strategic Motives: Economic Security and Innovation

The push for a national crypto reserve comes as Ukraine navigates the dual pressures of war and economic uncertainty. Since the Russian invasion began in 2022, Ukraine has leaned heavily on crypto donations to support its defence and humanitarian efforts. Over $225 million in crypto has been raised by government-aligned fundraising platforms alone.

This experience makes lawmakers argue that crypto has demonstrated its utility and strategic importance. Mykhailo Fedorov, Deputy Prime Minister and Minister of Digital Transformation praised the bill, stating that a crypto reserve could help the country respond quickly in emergencies when traditional financial channels are compromised or delayed. Furthermore, the initiative is part of Ukraine’s broader strategy to become a European leader in digital innovation. 

Ukraine hopes to attract blockchain companies, fintech startups, and international investment by formally embracing crypto at the state level. The law could serve as a model for other countries exploring how to integrate digital assets into public finance. The bill also includes provisions for the National Bank of Ukraine and the Ministry of Finance to manage the reserve collaboratively. These institutions would be responsible for acquiring, storing, and converting crypto assets using secure wallets and regulated custodians, both domestic and international.

Industry Reactions and Path to Adoption

Reactions from the crypto industry and civil society in Ukraine have been positive. Local blockchain associations have welcomed the bill, saying it legitimises the growing role of digital assets in the national economy. Oleksandr Bornyakov, Deputy Minister of Digital Transformation, noted that the legislation could create new markets for crypto service providers and help standardise best practices in custody and auditing. However, some experts have cautioned that the bill’s success will depend on its implementation. 

Key concerns include how the government will securely manage digital wallets, ensure price stability, and protect against potential cyber threats. The bill mandates that at least 80% of reserve crypto assets must be stored in cold wallets and subjected to third-party cybersecurity assessments. International observers have also expressed interest. Ukraine’s move may influence other emerging economies to consider similar models. As crypto becomes more mainstream, countries grappling with inflation, currency volatility, or sanctions may see national crypto reserves as a viable alternative to traditional financial hedges.

The bill is expected to undergo its first reading in the coming weeks. It would mark a historic moment for Ukraine’s digital asset policy and could pave the way for a more integrated, blockchain-friendly public sector. As Ukraine rebuilds and repositions itself on the global economic stage, its willingness to embrace crypto at the highest levels signals a bold vision for the future of finance.