Russian consumers' demand for hardware cryptocurrency wallets more than doubled in the first half of 2026, according to data from two major retailers, as the country prepares to introduce a new regulatory framework for digital assets.

Retailer M.Video reported that hardware-wallet unit sales on its marketplace rose 107% in the second quarter compared with the first quarter, while sales by value increased 92%. The company did not disclose the total number of devices sold.

Wildberries, another major Russian marketplace, recorded a similar surge. Unit sales climbed 84% year-on-year in the first half of 2026, RIA Novosti reported, citing RWB, the marketplace's parent company. Sales value rose 60% over the same period. Wildberries' average price for hardware wallets fell 13% to 7,900 rubles.

The two retailers' comparisons cover different periods — M.Video measured Q2 against Q1, while Wildberries compared H1 2026 with the same period of 2025. Neither company released absolute unit totals, and neither identified a specific factor driving the increased demand. M.Video also said it broadened its range of hardware-wallet products.

Hardware wallets store the private keys required to control cryptocurrency on a dedicated offline device rather than on an internet-connected service, reducing exposure to online attacks. They support self-custody but do not bypass Russia's withdrawal restrictions or eliminate risks related to device loss, backup integrity, and seed-phrase security.

Russian law does not ban non-custodial wallets or classify them as illegal, lawyers told RBC. However, the law bars withdrawals from Russian digital depositories to personal wallets, with a transition period running until July 1, 2027. After that date, crypto transactions must be routed through regulated entities, and banks will be required to refuse processing any transactions outside that framework.

The sales increase also comes ahead of Russia's broader cryptocurrency regime, scheduled to take effect September 1. The new rules expand on Russia's 2020 Digital Financial Assets law, which provided initial legal recognition for digital assets but prohibited their use as a payment instrument. According to the Bank of Russia, the framework will permit regulated exchanges and digital depositories, allow some retail investors to purchase liquid cryptocurrencies after completing testing, and impose a 300,000-ruble annual purchase cap per intermediary. The ban on using cryptocurrency for domestic payments will remain in force. Russian officials, including from the Finance Ministry and the Central Bank, have separately discussed permitting cryptocurrency for cross-border settlements as international sanctions have complicated traditional payment channels.

Hardware wallets still carry technical risks independent of regulatory developments. On July 30, Coinkite disclosed a Coldcard firmware vulnerability that weakened seed generation, leading to estimated losses exceeding $116 million.

Source: CoinDesk