Hardware Wallet Sales Surge in Russia Ahead of New Digital-Asset Rules
Summary
- Digital-asset hardware wallets are surging in popularity in Russia ahead of new regulations.
- M.Video's hardware wallet sales volume rose 10.7% in the second quarter from the previous quarter, while sales value climbed 92%.
- Under the new digital-asset regulatory framework taking effect in September, direct withdrawals from digital-asset custodians to personal wallets will be restricted, with a grace period through July 1, 2025.
Forecast Trend Report by Period
Digital-asset hardware wallets are surging in popularity in Russia ahead of the rollout of new regulations.
CoinDesk reported on August 9 that second-quarter hardware wallet sales at Russian electronics retailer M.Video rose 10.7% from the previous quarter. Sales value climbed 92% over the same period.
Sales of hardware wallets at another retailer, Wildberries, also jumped.
The increase comes before Russia introduces a new digital-asset regulatory framework in September. President Vladimir Putin signed the law "On Digital Currency and Digital Rights" on August 6.
Once the new rules take effect, direct withdrawals of digital assets from Russian custodians to personal wallets will be restricted. The regulation includes a grace period through July 1, 2025.
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