Russian retail investors are buying hardware wallets ahead of the country’s new crypto rules, with sales rising sharply before the framework takes effect on Sept. 1.
Data published by two major local retailers, M.Video and Wildberries, showed strong growth in both unit sales and revenue during 2026. The report said the pickup reflects a rapid increase in investor interest in self-custody as the new legal framework approaches.
According to the figures, M.Video, one of Russia’s largest electronics retailers, recorded a 107% increase in hardware wallet sales in the second quarter of 2026 versus the first quarter. Sales revenue rose 92% over the same period. Wildberries, the e-commerce platform owned by RWB, said hardware wallet unit sales in the first half of 2026 were up 84% from the first half of 2025, while revenue rose 60%.
Retail data showed a sharp rise in wallet demand
Wildberries also reported that the average hardware wallet price on its platform fell from about 9,050 rubles to 7,900 rubles, a 13% drop. The lower average price was cited in the report as a factor that encouraged more purchases. M.Video, for its part, expanded its hardware wallet product range. Even so, neither retailer explained the exact cause of the surge.
- M.Video: Q2 2026 unit sales up 107% from Q1, revenue up 92%
- Wildberries: H1 2026 unit sales up 84% from H1 2025, revenue up 60%
- Wildberries average price: down from about 9,050 rubles to 7,900 rubles, a 13% decline
The data cited in the report came from M.Video, RWB and RIA Novosti.
New rules start Sept. 1, but transfers stay restricted
The report linked the wallet buying wave to Russia’s updated crypto framework, which is scheduled to take effect on Sept. 1. Under the new rules, regulated crypto exchanges and digital depositories will be allowed to operate.
Some retail investors who complete a required test will be allowed to buy liquid crypto assets, but the limit is set at 300,000 rubles per year for each intermediary, or about $3,100. At the same time, the Central Bank is keeping the domestic ban on using cryptocurrency for payments.
The framework also includes a transition period running through July 1, 2027. After that date, all crypto transactions must go through regulated entities, and banks will refuse to process transactions conducted outside the framework.
In practice, that means Russian retail investors will be able to legally hold crypto assets under the new law, while the ways they can use those assets remain restricted. The report said this helps explain the rise in hardware wallet demand, as users move to keep direct control of their holdings instead of leaving assets with regulated intermediaries.
Non-custodial wallets are legal, but they do not bypass withdrawal rules
According to Russian legal advisers cited by RBC, non-custodial wallets are not illegal in themselves. The main restriction concerns how assets can be moved out of the regulated system.
- During the transition period through July 1, 2027, withdrawals from Russian digital depositories to personal wallets are prohibited
- After the transition period, withdrawals must still be carried out through regulated entities
That means buying a hardware wallet does not let users avoid withdrawal restrictions once the new law takes effect. The report said many users are choosing to move assets before the remaining window closes.
Self-custody demand has risen before the framework fully kicks in
The report said the jump in hardware wallet sales highlights a broader pattern seen when regulation is about to take shape: retail users first focus on keeping control of their assets. It also pointed to several issues to watch, including whether the 300,000-ruble annual cap is enough to support ongoing retail demand, how compliance thresholds for regulated exchanges and digital depositories will be designed, and whether demand for hardware wallets will remain elevated as Russian users look at cross-border asset allocation through crypto under international sanctions.