M.Video reported a 107% QoQ jump in hardware wallet sales as Russians rush to self-custody before new digital asset regulations take effect Sept 1.
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Hardware wallet sales in Russia more than doubled in the second quarter of 2026. M.Video, one of the country's largest electronics chains, reported a 107% quarter-on-quarter surge in units sold. Wildberries & Russ logged an 84% year-over-year jump in the first half of the year.
The rush follows a new digital asset law signed by President Vladimir Putin on August 4. The legislation takes effect September 1 and reshapes how Russians can buy and hold crypto.
Most retail trading must route through licensed intermediaries. Non-qualified investors face an annual purchase cap of 300,000 RUB, roughly $3,800, per licensed intermediary. They must also pass mandatory suitability testing. A 48-hour cooling-off period applies to any transfer exceeding 100,000 RUB from a licensed exchange to a non-custodial wallet. New transaction reporting obligations cover any activity involving non-custodial addresses.
Hardware wallet ownership remains legal. The law does not require existing self-custody holdings to be moved to regulated entities. Cross-border transactions are permitted under the new rules.
Ledger devices account for about 40% of hardware wallet sales at M.Video, with Trezor at roughly 20%. The average price at Wildberries & Russ fell 13% to about 7,900 RUB, or $80 to $100 at current exchange rates. M.Video also reported a 92% increase in category turnover during Q2. Both retailers enhanced stock availability of popular brands in response to the regulatory timeline.
The 300,000 RUB cap and the 48-hour cooling-off period create a strong incentive to act before the law takes effect. Traders have until September 1 to move larger holdings to self-custody without those constraints. The compliance deadline for exchanges and intermediaries is July 1, 2027.
M.Video and Wildberries & Russ said they have increased inventory of popular hardware wallet brands to meet demand. The move follows similar regulatory tightening in other markets, as covered in our crypto market analysis.
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