Hardware wallet sales in Russia more than double as new crypto rules near
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Hardware wallet sales in Russia more than doubled in early 2026 as the country prepares to implement new cryptocurrency regulations. Retailer M.Video reported a 107% increase in unit sales in Q2 compared to Q1, while Wildberries recorded an 84% rise in sales during the first half of 2026 versus the same period in 2025. Neither retailer provided reasons for the surge or exact unit sales figures.
Why it matters
The rise in hardware wallet sales signals growing interest among Russian consumers in self-custody solutions ahead of new regulatory changes. Russia's new crypto framework, effective September 1, 2026, will mandate that crypto transactions go through regulated entities, with banks required to block transactions outside this system. The regulatory shift may be driving increased demand for hardware wallets even though they do not enable bypassing withdrawal restrictions.
Key context
Hardware wallets store private keys on dedicated devices to reduce exposure risks compared to internet-connected wallets. Russian law permits non-custodial wallets but prohibits withdrawals from digital depositories to personal wallets after a transition period ending July 1, 2027. The upcoming regulatory framework allows regulated exchanges and digital depositories and enables limited retail investor access to cryptocurrencies under certain conditions, but it continues to ban domestic crypto payments.
Key numbers and entities
M.Video reported a 107% increase in unit sales and a 92% rise in sales value in Q2 2026 compared to Q1. Wildberries noted an 84% increase in sales volume and a 60% sales value increase in H1 2026 against H1 2025. Wildberries' average hardware wallet price dropped 13% to 7,900 rubles. The source mentions the Bank of Russia as the regulatory authority implementing the new framework.
What remains unclear
Neither M.Video nor Wildberries disclosed the exact number of hardware wallets sold. The retailers did not identify the primary factors driving increased demand. The source does not provide details on how consumers intend to use the hardware wallets amid regulatory constraints or the impact of recent security flaws reported in hardware wallet firmware.