Russia's Cryptocurrency Holders Rush to Secure Assets Ahead of Stricter Regulations
Russian cryptocurrency holders are racing to secure their assets as the country edges closer to stricter regulations. Hardware wallet sales have more than doubled across major retailers in Russia, according to a recent report.
The surge is attributed to the anticipation of new laws that could impose registration requirements, tax obligations, and reporting rules on cryptocurrency holders. Many are moving their assets off exchanges and into physically secured wallets before the rules take effect.
The average price of hardware wallets has dropped by 13% on the Wildberries platform, where a wallet now costs around 7,900 rubles. Electronics chain M.Video has also expanded its product range to meet demand, indicating that hardware wallets are becoming a mainstream product category in Russia.