Hardware wallet sales in Russia more than double as new crypto rules near

Russian consumers' demand for hardware crypto wallets surged more than double in the first half of 2026, according to data from two prominent retailers, as the nation prepares to implement new cryptocurrency regulations. Retailer M.Video reported a 107% increase in unit sales for its marketplace in the second quarter compared to the first quarter, with sales value rising 92%.

Independent retailer Wildberries also noted heightened demand, with unit sales increasing 84% in the first half of 2026 compared to the same period in 2025, while sales value grew by 60%. Hardware wallets store private keys needed to control cryptocurrencies on a dedicated device, separate from internet-connected services, thereby reducing exposure risk.

Although Russian law does not prohibit non-custodial wallets or classify them as illegal, it prohibits withdrawals from Russian digital depositories to personal wallets. However, a transition period until July 1, 2027, allows for this restriction. The surge in wallet sales coincides with the country's upcoming broader crypto regime, set to commence on September 1.

This framework will permit regulated exchanges and digital depositories, while enabling retail investors to purchase liquid cryptocurrencies under a 300,000-ruble annual cap per intermediary, and maintains the ban on domestic crypto payments. Hardware wallets, however, remain susceptible to technical vulnerabilities; Coinkite recently disclosed a Coldcard firmware flaw that compromised seed generation, potentially resulting in losses exceeding $116 million.