Russia Sees Hardware Crypto Wallet Sales Surge Amid Regulatory Uncertainty

Russian online marketplaces are reporting an increase in sales of hardware crypto wallets. According to M.Video, sales of such devices on their platform rose by 107% in Q2 compared to January-March. Wildberries reported a 60% year-over-year increase in the value of sales for self-custody devices in the first six months of this year.

The top-selling hardware wallet brands are Ledger and Trezor, which account for over 60% of total sales. M.Video's head of computer components said that they see hardware crypto wallets becoming a 'full-fledged category' of personal electronics.

Industry experts note that the new Russian law regulating cryptocurrencies does not prohibit self-custody, but rather introduces reporting requirements and restrictions on certain transactions. For example, users will need to submit reports to tax authorities for transactions using addresses not administered by digital depositories.