Hardware wallet sales in Russia more than double ahead of new crypto rules

Russian retailers are selling hardware wallets at a pace that would make Black Friday look like a slow Tuesday. M.Video, one of the country’s largest electronics chains, reported a 107% quarter-on-quarter surge in hardware wallet units sold during Q2 2026, while Wildberries & Russ saw an 84% year-over-year jump in unit demand across the first half of the year. The catalyst is straightforward: a new digital asset law signed by President Vladimir Putin on August 4 takes effect September 1, 2026, and it fundamentally reshapes how Russians can buy, hold, and move crypto. What the new law actually changes Russia’s incoming legislation introduces several constraints that will feel unfamiliar to a market long accustomed to relatively light-touch oversight. 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, along with mandatory suitability testing. Perhaps the provision generating the most urgency: a 48-hour cooling-off period for any transfer exceeding 100,000 RUB from a licensed exchange to a non-custodial wallet. New transaction reporting obligations also kick ...