Russia Sees Surge in Hardware Wallet Sales Ahead of New Crypto Regulations
The surge in hardware wallet sales in Russia is accelerating as the country prepares to implement new crypto regulations. According to retailers, sales have more than doubled across major platforms as users scramble for self-custody. The average price of hardware wallets on Wildberries has dropped by 13% to around 7,900 rubles.
The increase in demand comes amid Russia's efforts to shape a legal framework that could impose registration requirements, tax obligations, and reporting rules on cryptocurrency holders. Users are moving assets off exchanges and into physically secured wallets before the new rules take effect.
Retilers like Wildberries and M.Video are capitalizing on the trend by expanding their product ranges to meet demand. The shift towards self-custody mirrors patterns seen in other jurisdictions, including the United States, where proposed legislation has pushed users toward non-custodial storage.