Hardware wallet sales in Russia double ahead of new crypto regulations

Demand for hardware crypto wallets in Russia more than doubled in the first half of 2026 as new crypto regulations approach. Retailer M.Video reported a 107% increase in unit sales in Q2 compared to Q1, with sales value rising 92%. Wildberries also saw an 84% increase in unit sales in H1 compared to the same period in 2025, with sales value up 60%. Neither retailer disclosed total unit sales. Hardware wallets, which store private keys on dedicated devices, reduce exposure risk compared to internet-connected services. Russian law does not ban non-custodial wallets but prohibits withdrawals from Russian digital depositories to personal wallets, with a transition period until July 1, 2027. After this date, crypto transactions must go through regulated entities, and banks will not process transactions outside this framework. The increase in wallet sales coincides with the upcoming implementation of Russia's broader crypto regime on September 1, which will allow regulated exchanges and digital depositories while permitting some retail investors to buy liquid cryptocurrencies within a 300,000-ruble annual cap per intermediary. However, domestic crypto payments remain banned. Technical risks persist, as Coinkite reported a Coldcard firmware flaw on July 30, leading to estimated losses exceeding 116 million dollars.