Moscow Exchange plans digital depository under Russia's new crypto framework

Russia's new crypto framework is beginning to affect both market infrastructure and retail behavior. Moscow Exchange is preparing a standalone digital depository for crypto assets that could start operating in late 2026 or early 2027, while Russian consumers are buying more hardware wallets before key provisions of a new regime take effect in September. Demand for self-custody devices has accelerated. M.Video said hardware wallet unit sales rose 10.7% in the second quarter from the previous quarter, while sales by value increased 92%. Wildberries also recorded stronger demand, though the new report did not provide comparable figures. The increase comes before Russia introduces a new digital-asset regulatory framework in September after President Vladimir Putin signed the law "On Digital Currency and Digital Rights" on August 6. Hardware wallets store the private keys needed to control crypto on a dedicated device rather than an internet-connected service, reducing exposure to some online risks. Under the new rules, direct withdrawals of digital assets from Russian custodians to personal wallets will be restricted, with a grace period through July 1, 2025. The broader regime will allow regulated exchanges and digital depositories while keeping the ban on domestic crypto payments in place. Hardware wallets still carry technical risks: Coinkite disclosed a Coldcard firmware flaw on July 30 that weakened seed generation and led to estimated losses of more than $116 million.