Demand for hardware crypto wallets has surged in Russia, more than doubling in the first half of 2026, as the nation gears up to implement new regulations governing cryptocurrency.
Retailer M.Video reported a remarkable 107% increase in unit sales of hardware wallets during the second quarter compared to the first quarter, with sales values rising by 92%. However, the company did not disclose the exact number of units sold.
Similarly, Wildberries, another major retailer, noted an 84% increase in unit sales in the first half of 2026 compared to the same period last year, with sales value climbing by 60%, according to RIA Novosti, which cited the parent company RWB. It’s important to note that M.Video's figures were based on quarterly comparisons, while Wildberries provided year-on-year data, and neither retailer revealed total sales figures.
Hardware wallets are designed to securely store the private keys necessary for controlling cryptocurrencies, keeping them offline and reducing the risk of exposure to online threats. Although Russian law does not prohibit non-custodial wallets, it does restrict withdrawals from domestic digital depositories to personal wallets. A transition period allowing for this practice is set to continue until July 1, 2027.
Starting from September 1, 2026, the new regulatory framework will require all crypto transactions to be conducted through regulated entities, with banks obligated to reject transactions that fall outside this system. This regulatory shift coincides with the spike in hardware wallet sales as consumers prepare for the impending changes.
The framework will permit regulated exchanges and digital depositories, enabling some retail investors to purchase liquid cryptocurrencies under specific conditions, including a 300,000-ruble annual limit per intermediary, while maintaining a ban on domestic crypto payments, as outlined by the Bank of Russia.
Despite their advantages, hardware wallets are not without risk. A recent firmware vulnerability discovered in Coinkite’s Coldcard wallet on July 30 raised concerns, reportedly leading to losses exceeding $116 million due to weakened seed generation.