Sales of hardware crypto wallets have seen a significant increase in Russia, with the marketplace "M.Video" reporting a 107% rise in units sold during the second quarter compared to the first. Meanwhile, Wildberries noted an 84% year-on-year growth in demand over the first six months of the year, as reported by RIA Novosti.
According to M.Video, the category's turnover grew by 92%. Approximately 40% of sales were attributed to Ledger, which accounted for nearly 30% of total sales, while over 20% belonged to Trezor (20% of sold devices). Other brands available include OneKey, Ellipal, SafePal, and Jade. However, M.Video did not disclose the absolute number of wallets sold or provide a comparison to the second quarter of 2025.
As per a press release from the combined entity of Wildberries & Russ, sales of self-custody devices in monetary terms surged by 60% between January and June compared to the same period last year. The average price of these products dropped by 13%, bringing it down to 7,900 rubles. Customers predominantly favored wallets equipped with NFC modules and backup cards.
The demand for hardware wallets had already been on the rise earlier. In March-April 2022, sales of such devices in Russia increased five to eight times. At that time, "M.Video-Eldorado" reported an eightfold increase in sales during the first quarter compared to the last three months of 2021, with a further growth of about 25% in the second quarter.
Ozon witnessed a peak in sales in April 2022, with unit sales tripling compared to January. Representatives from the companies and the market linked this surge to currency restrictions, sanctions, challenges in cross-border transfers, and an expanded product range.
Both M.Video and Wildberries do not attribute the dynamics of 2026 to changes in legislation.
"We see that hardware crypto wallets are gradually establishing themselves as a full-fledged category of personal electronics alongside other smart gadgets and digital security devices," stated Fedor Pavlenko, head of the "Computer Components" category at M.Video.
Growth Driver?
On August 4, Russian President Vladimir Putin signed a law regulating the cryptocurrency market, with most provisions set to take effect on September 1, 2026.
This new framework includes the operation of regulated intermediaries and digital depositories. The Bank of Russia clarified that unqualified investors will be able to purchase the most liquid cryptocurrencies through a single intermediary, up to a limit of 300,000 rubles per year after undergoing testing. ForkLog previously discussed the controversial aspects of the bill with legal experts and market participants.
Following the law's passage, questions arose within relevant communities regarding what the new rules mean for self-custody.
In a Reddit discussion, one user inquired whether it would be possible to withdraw cryptocurrency from a Russian exchange to a cold wallet. Responses varied, with some believing that withdrawals to personal devices would be prohibited, while others acknowledged uncertainty regarding the text of the law.
Similar questions had arisen previously. In a Habr discussion, users explored whether transactions between cold wallets would remain legal, if cryptocurrency could be stored on personal non-custodial addresses, and how the new restrictions would be applied to such transfers.
Vladimir Sobinsky, head of the digital currencies and digital financial assets practice at PLAN B, explained to ForkLog that the law does not prohibit ownership of such devices, but new requirements will impact cryptocurrency transactions:
"For an ordinary owner who already stores cryptocurrency on a hardware or other non-custodial wallet, the mere fact of ownership does not become illegal. Moreover, the new regulation explicitly allows residents to hold identifier addresses that are not administered by digital depositories, meaning the model of self-custody of cryptocurrency outside the Russian digital framework remains intact. There is no requirement in the laws to transfer previously acquired cryptocurrency to a Russian digital depository. The main changes pertain to subsequent operations with cryptocurrency."
No Registration Required for Wallets
If a user continues to hold already acquired cryptocurrency without engaging in transactions, no special actions will be necessary due to the new law, Sobinsky noted.
"However, for transactions involving addresses not administered by digital depositories, special reporting will be introduced: resident individuals will need to submit corresponding reports to tax authorities," the expert added.
Sobinsky also addressed whether users would need to register their devices:
"The law does not require informing the state about the mere fact of owning a physical device. The legislation does not even operate with the concept of 'hardware wallet.'"
Withdrawal from Depository Not Guaranteed
Social media discussions indicate that users are also concerned about the ability to withdraw cryptocurrency purchased through a Russian intermediary to their own hardware wallets. Sobinsky mentioned that self-custody remains permitted, but specific conditions apply for withdrawing funds from Russian digital depositories.
"[...] the law establishes a closed list of situations in which transfers to addresses not administered by Russian depositories are allowed. Therefore, direct withdrawals from a Russian digital depository to a completely non-custodial hardware wallet of the user cannot be considered a freely allowed operation based on the literal text of the law unless the Bank of Russia establishes a corresponding exception," Sobinsky concluded.
The signed law also introduces a 48-hour cooling-off period for transferring digital assets worth over 100,000 rubles from a depository to a non-custodial wallet. Additionally, specific anti-fraud requirements for crypto exchanges and digital depositories will be implemented later on.
A transitional period until July 1, 2027, has been set during which market participants must obtain the necessary permits and align their activities with the new requirements.
It is worth noting that in August, news emerged about the establishment of a self-regulatory organization for digital currency exchange operators, with the founding congress scheduled for September 1 in Moscow.