Demand for hardware cryptocurrency wallets is growing in Russia ahead of new rules. Russians more than doubled their purchases in the first half of 2026, according to two major retailers. The development comes as Moscow prepares a regulatory framework for digital assets. From September 1, the provisions will govern exchanges and depositories. In this context, sales of devices intended to store private keys attract attention, despite the absence of precise figures on the units sold.
In brief
- Sales of hardware wallets are growing strongly in Russia, with increases of 107% at M.Video and 84% at Wildberries.
- Demand is increasing ahead of the new Russian crypto framework coming into force, scheduled for September 1, 2026.
- Non-custodial wallets remain permitted, but withdrawals from Russian custodians to personal wallets will be prohibited.
- Technical risks persist despite the rise of physical wallets, as demonstrated by the recent Coldcard firmware flaw.
Russians increase their purchases of hardware wallets
M.Video, a major Russian player in e-commerce and retail of electronics and household appliances (Moscow Stock Exchange: MVID), recorded an increase in its sales of physical cryptocurrency wallets on its platform in the second quarter. The Russian retailer announced in a press release an increase of 107% in volume compared to the first quarter.
We are seeing growing interest in hardware cryptocurrency wallets. In the second quarter, demand for this category on the M.Video platform more than doubled compared to the first quarter. This expanded product range allows us to offer our customers a wide choice of solutions, ranging from the most well-known global brands to the most innovative devices.
Fedor Pavlenko, IT Components Category Manager at M.Video.
The value of sales also increased by 92%. M.Video, however, did not specify the number of devices sold. These data show an acceleration in demand, without making it possible to precisely assess the number of buyers.
Wildberries reports an 84% increase in volume sales in the first half of the year. The comparison concerns the same period of 2025, according to the RIA Novosti agencyciting RWB, the platform’s parent company. Turnover increased by 60% year-on-year. The Russians are thus showing a growing interest in these solutions. However, the periods compared differ, which limits direct comparison of the results.
Why are Russians turning to these devices?
A hardware wallet stores the private keys used to control cryptocurrencies on a dedicated device. It thus avoids placing this information on a service connected to the Internet. This architecture can reduce certain exposure risks. However, the Russians must also take into account the technical risks specific to these devices. On July 30, Coinkite revealed a vulnerability in Coldcard firmware affecting the generation of recovery keys.
This vulnerability serves as a reminder that physical preservation does not eliminate all security concerns. Losses linked to this breach were estimated at more than $116 million. Hardware wallets therefore remain subject to technical constraints. Their use takes place in a context where key protection also depends on the reliability of the device.
A new regulation that changes the framework
Russian law does not prohibit non-custodial wallets and does not consider them illegal according to some lawyers at RBC. It prohibits withdrawals from Russian digital depositories to personal wallets. A transition period will remain open until July 1, 2027. Cryptocurrency transactions will then have to go through approved organizations, while banks will have to refuse operations outside this framework.
From September 1, the new framework will allow regulated exchanges and digital depositories. Some retail investors will be able to purchase liquid cryptocurrencies after testing. An annual ceiling of 300,000 rubles per intermediary will apply. Domestic payments in cryptocurrencies will remain prohibited. The Russians will have to deal with more precise rules, while the demand for hardware wallets could continue to evolve.
The evolution of sales must be monitored after the entry into force of the new framework. The next data will allow us to see whether this increase reflects a temporary reaction or a more lasting trend. They will also be able to specify the impact of the new restrictions on personal uses of cryptocurrencies on this market.
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