Russia Sees Surge in Hardware Wallet Sales Ahead of New Crypto Regulations

Russia's crypto market is experiencing a surge in demand for hardware wallets ahead of new regulations set to take effect on September 1st, 2026. According to two major retailers, M.Video and Wildberries, sales of physical cryptocurrency wallets have increased sharply.

M.Video reported a 107% increase in volume compared to the first quarter, while Wildberries saw an 84% increase in sales volume year-on-year. However, the exact number of devices sold remains unknown.

This trend is attributed to Russia's upcoming regulatory framework, which will authorize regulated exchanges and digital custodians but prohibit withdrawals from Russian custodians to personal wallets.

Experts warn that while hardware wallets reduce exposure risks by storing private keys offline, they are not immune to technical constraints. The recent Coldcard firmware vulnerability serves as a reminder of this limitation.