Main to remember
- Ukraine writes legislation to establish a Bitcoin national reserve with the help of Binance.
- The initiative aims to clarify the regulation of cryptographic assets in Ukraine, requiring significant legislative changes.
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Ukraine is working on legislation to establish a national Bitcoin strategic reserve, the media based in Ukraine said on Wednesday, reported on Wednesday.
The media based in Ukraine said that he had confirmed the initiative with Yaroslav Zhelezniak, deputy and first vice-president of the finance, tax and customs policies committee.
The bill is currently being finalized and will be submitted in the near future, said Zhelezniak. Earlier in February 2025, he mentioned the preparation of “a bill” allowing the creation of crypto reserves, without providing additional details.
According to the announcement, Binance supports Ukraine’s efforts to build the Bitcoin reserve. Although the report mentions active cooperation between the world exchange and the Ukraine authorities, it has not developed the scope of collaboration.
The CEO of Binance, Richard Teng, told the Financial Times last month that the company collaborated with several countries on the creation of Bitcoin reserves and the development of cryptographic regulations.
Governments and sovereign funds from around the world have approached Binance to get help to set up their crypto reserves, stimulated by Pro-Crypto policies in the United States, including President Trump’s executive decree to set up a reserve of American strategic bitcoin.
Binance and his co-founder Changpeng Zhao (CZ) recently participated in high-level crypto consultations with Pakistan and Kyrgyzstan.
CZ has signed a memorandum of understanding with the National Investment Agency to advise blockchain technologies and regulatory executives.
Meanwhile, in Pakistan, CZ was appointed strategic advisor to Pakistan Crypto Council, where his objective includes regulations, infrastructure, education and adoption of cryptography.
Although these discussions do not imply the creation of national crypto reserves at the time of the first report, CZ revealed in a position on May 5 that he had recommended that Kyrgyzstan considering holding Bitcoin and the Binance piece in his reserves.
Ukraine aims to legalize the crypto in the first quarter
Ukraine accelerates efforts to establish a complete legal framework for digital assets.
The legalization of the crypto is provided for in the first quarter of 2025, following the finalization of a bill currently being prepared by a working group specializing in coordination with the National Bank of Ukraine and the International Monetary Fund (IMF), said Daniil Getmantessev, head of the tax committee of Verkhovna Rada, in a declaration of December.
The legislation aims to establish budgetary surveillance and to integrate the anti-money laundering protocols. The benefits of cryptographic transactions will be subject to capital gains tax during conversion to fiduciary currency.
According to Incrypted, a previous version of the bill had progressed by the Parliament but was recently withdrawn, which would have been due to the concerns of the office of the president and the regulatory resistance, in particular the National Commission for Securities and the Bourse.
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