Hardware wallet purchases doubled or more at two major Russian retailers in H1 2026. September 1 rules will cap personal crypto buys at 300,000 rubles per intermediary.
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Hardware wallet purchases in Russia more than doubled in the first half of 2026 as traders prepared for a September 1 regulatory overhaul, two major retailers reported.
M.Video recorded a 107% increase in unit sales of physical crypto wallets in the second quarter compared with the first quarter. Revenue from the category rose 92% over the same period, the Moscow Exchange-listed retailer said in a press release. M.Video did not disclose the absolute number of devices sold.
Wildberries, the country's largest online marketplace, reported an 84% increase in hardware wallet sales volume in the first half compared with the same period in 2025, according to RIA Novosti, citing RWB, Wildberries' parent company. Revenue rose 60% year-on-year. The two retailers use different comparison windows, limiting direct comparison.
The buying spike precedes Russia's September 1 rules, which will create a regulated framework for crypto exchanges and custodians. Under the new regime, retail investors can buy liquid cryptocurrencies after passing a test, subject to an annual limit of 300,000 rubles per intermediary. National payments in crypto remain prohibited. Banks will be required to reject transactions outside the approved channels.
Non-custodial wallets are not illegal under Russian law, RBC reported, citing unnamed lawyers. Moscow has banned withdrawals from domestic custodians to personal wallets, but a transition period runs until July 1, 2027.
Hardware wallets store private keys on a dedicated device rather than on an internet-connected service, a structure that reduces some exposure risks. The architecture does not eliminate them. On July 30, hardware maker Coinkite disclosed a firmware vulnerability in its Coldcard product that affected recovery-key generation. Losses linked to the flaw exceeded $116 million, Coinkite said.
Sales data after September 1 will show whether the first-half surge was a one-time stock-up or the start of a sustained shift.
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