Hardware Wallet Sales Surge in Russia Ahead of New Crypto Regulations

Demand for hardware crypto wallets more than doubled in Russia during the first half of 2026, according to data from two major retailers, as the country prepares to roll out new digital asset rules.

Sharp Increases Across Major Retailers

Retailer M.Video reported that unit sales on its marketplace rose 107% in the second quarter compared to the first quarter, with sales value up 92%, though the company did not disclose exact figures. Wildberries also saw notable growth, with unit sales climbing 84% in the first half of 2026 compared to the same period last year, and sales value rising 60%, according to its parent company RWB. Wildberries also cut its average hardware wallet price by 13% to 7,900 rubles, while M.Video expanded its product lineup, though neither retailer identified a specific cause behind the demand.

Regulatory Shift Driving Interest

Hardware wallets store private keys offline rather than on internet-connected services, reducing exposure to certain security risks. While Russian law doesn’t ban non-custodial wallets, it currently restricts withdrawals from Russian digital depositories to personal wallets, with a transition period running until July 1, 2027. After that, crypto transactions must go through regulated entities, and banks will be required to refuse transactions outside that framework. The surge in wallet purchases also comes ahead of Russia’s broader crypto regulatory regime taking effect September 1, which will allow regulated exchanges and let some retail investors buy liquid cryptocurrencies within a 300,000-ruble annual cap, while keeping domestic crypto payments banned.

Security Risks Remain

Despite growing interest in self-custody, hardware wallets aren’t risk-free. Coinkite disclosed a firmware flaw in its Coldcard devices on July 30 that weakened seed generation, leading to estimated losses exceeding $116 million.