Russia Sees Surge in Hardware Wallet Demand Ahead of Crypto Regulations

Russian consumers' demand for hardware crypto wallets has surged in recent months as new regulations loom. According to data from two major retailers, M.Video and Wildberries, sales of these devices more than doubled in the first half of 2026.

M.Video reported a 107% increase in unit sales on its marketplace in the second quarter compared to the first quarter, with sales by value rising 92%. Meanwhile, Wildberries recorded an 84% jump in unit sales over the same period last year, with sales value increasing 60%.

The uptick in demand comes ahead of Russia's broader crypto regime, which will take effect on September 1. Under this framework, regulated exchanges and digital depositories will be allowed to operate, while some retail investors will be able to buy liquid cryptocurrencies subject to certain conditions.

Notably, the new regulations will bar withdrawals from Russian digital depositories to personal wallets, with a transition period running until July 1, 2027. After that date, crypto transactions must go through regulated entities, and banks will refuse to process transactions outside this framework.