Russia Sees Surge in Hardware Crypto Wallet Sales Ahead of Regulation Changes

Russia's hardware crypto wallet sales have surged ahead of new regulations set to take effect on September 1, according to recent data from major electronics retailers. M.Video reported a 107% increase in unit sales and a 92% rise in revenue for the second quarter compared to the first quarter of this year. Wildberries also saw an 84% jump in unit sales and a 60% hike in revenue during the first half of 2026 compared to the same period last year.

The increased demand comes as Russia prepares for major changes to its cryptocurrency regulations, including restrictions on withdrawals from digital depositories to personal wallets until July 1, 2027. Once this transition period ends, crypto transactions will be required to pass through regulated entities and banks will have to reject transactions conducted outside the approved framework.

The sales figures highlight growing interest in self-custody among Russian consumers, but experts warn that hardware wallets are not risk-free. A recent security incident revealed a firmware vulnerability in Coldcard devices that led to estimated losses exceeding $116 million.